Silver Price Analysis: 10-DMA, 13-day-old support test XAG/USD bears below $24.00
- 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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
