XAG/USD Price Analysis: Technical outlook

The daily chart portrays that XAG/USD has extended its losses to levels last seen at around mid-February after briefly testing the confluence of the 50, 100, and 200-day moving averages (DMAs) at around the $23.00-$23.30 area. Even though Silver’s price action remains sideways, it’s tilted to the downside, but sellers must step in and drag prices below the $22.00 figure. Once achieved, that would open the door to test the yearly lows of $21.93, the November 13 low of $21.88, and the October 3 low of $20.69