Silver Price Analysis: $23.00 resistance confluence prods XAG/USD bulls at weekly top

Silver Price struggles to defend four-day uptrend, retreats from the highest levels in a week of late.
Convergence of 200-EMA, 50% Fibonacci retracement challenges intraday XAG/USD bulls.
Below 50.0 RSI suggests bottom-picking around the golden Fibonacci ratio.
Multiple hurdles stand tall to challenge Silver buyers.

Anil Panchal FXStreet

Silver Price (XAG/USD) struggles to defend the four-day-old winning streak as it retreats from the weekly top surrounding $23.10 to $22.90 during early Wednesday. In doing so, the bright metal portrays the failure to cross the $23.00 key upside hurdle amid bearish MACD signals.

However, the RSI (14) condition, which is below the 50.0 level, can trigger the Silver Price rebound from the 61.8% Fibonacci retracement, also known as the golden Fibonacci ratio, of the quote’s March-May upside, close to $22.25.

Following that, the $22.00 round figure and the early March swing high of $21.30 may prod the Silver sellers before directing them to the yearly low marked in March around $19.90. It’s worth noting that the $21.00 and the $20.00 round figures may act as intermediate halts during the anticipated fall in the XAG/USD price.

Alternatively, a daily closing beyond the $23.00 resistance confluence comprising the 200-Exponential Moving Average (EMA) and 50% Fibonacci retracement, needs validation from the latest peak of $23.10 to convince the Silver buyers.

Even so, a two-week-old descending resistance line and the previous support line from March, respectively near $23.80 and $23.90, quickly followed by the $24.00 threshold, can prod the XAG/USD upside.

Above all, the Silver buyers should remain cautious unless witnessing a daily closing beyond the horizontal area comprising multiple levels marked since early January 2022, near $24.50-60.

Silver Price: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	22.89
Today Daily Change	0.03
Today Daily Change %	0.13%
Today daily open	22.86

Trends
Daily SMA20	23.5
Daily SMA50	24.1
Daily SMA100	23.33
Daily SMA200	22.52

Levels
Previous Daily High	23.1
Previous Daily Low	22.75
Previous Weekly High	24.2
Previous Weekly Low	22.11
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.97
Daily Fibonacci 61.8%	22.88
Daily Pivot Point S1	22.71
Daily Pivot Point S2	22.56
Daily Pivot Point S3	22.36
Daily Pivot Point R1	23.05
Daily Pivot Point R2	23.25
Daily Pivot Point R3	23.4

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.

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