• Silver takes offers to refresh intraday low during four-day downtrend.
  • Pullback from 200-DMA, easing bullish bias of MACD favor sellers.
  • 100-DMA adds to the downside filters, five-month-old horizontal area appears tough nut to crack for bulls.

Silver (XAG/USD) prices remain on the back foot for the fourth consecutive day, down 0.50% around the intraday low of $23.72 heading into Wednesday’s European session.

The bright metal’s latest weakness becomes the extension of the previous week’s pullback from the 200-DMA. Also weighing on the quote is the recently easing MACD line.

However, the 10-DMA and an ascending trend line from January 17, respectively around $23.70 and $23.55, challenge the commodity’s short-term declines.

If XAG/USD bears remain dominant past $23.55, the 100-DMA level of $23.24 and the $23.00 will be on their radars.

Alternatively, the corrective pullback may initially aim to regain the $24.00 round figure before challenging the 200-DMA level near $24.60.

Following that, multiple resistances marked since September 2021, near $24.90-80, will challenge the silver buyers before directing them to the year 2021 peak of $25.40.

Overall, silver prices remain vulnerable to the further downside but the 10-DMA and two-week-long support line may restrict the quote’s short-term declines.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 23.72
Today Daily Change -0.12
Today Daily Change % -0.50%
Today daily open 23.84
Daily SMA20 23.2
Daily SMA50 23.03
Daily SMA100 23.25
Daily SMA200 24.6
Previous Daily High 24.02
Previous Daily Low 23.6
Previous Weekly High 24.7
Previous Weekly Low 22.81
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 23.76
Daily Fibonacci 61.8% 23.86
Daily Pivot Point S1 23.62
Daily Pivot Point S2 23.41
Daily Pivot Point S3 23.21
Daily Pivot Point R1 24.04
Daily Pivot Point R2 24.23
Daily Pivot Point R3 24.45



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