Silver Price Analysis: XAG/USD rejected from $24.00, looks at $23.00
|- XAG/USD is under pressure after breaking short-term support levels during the American session.
- The metal is under pressure, approaching the $23.00 level.
- US Dollar mixed as equity prices rises modestly.
Silver is under pressure during Wednesday’s American session, trading at the lowest level since Friday, near $23.20. The white metal is falling by 1.25%, getting closer to January lows.
Earlier on Wednesday, XAG/USD reached levels above $24.00 but it was rejected and started to move lower. The decline gained speed during the American session and after breaking short-term horizontal and dynamic supports.
Silver price is back under the 20-day Simple Moving Average (SMA), today at $23.60. The mentioned SMA is turning south, suggesting some exhaustion to the upside. The short-term bias is turning to the downside. All could change it XAG/USD manages to rise and hold above $24.00, particularly with a daily close above $24.20.
On the downside, the next target is at the January low at $23.10. Below $23.00 the next support level is seen at $22.80.
Silver Daily chart
Silver 4-hour chart
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