Silver Price Analysis: 50-DMA tests XAG/USD bears around $23.50

Silver holds onto corrective pullback around monthly low.
Descending Momentum line, sustained break of two-month-old support favor sellers.
100, 200-DMA add to the upside filters, nears eye 23.6% Fibonacci retracement level.

Anil Panchal FXStreet

Silver (XAG/USD) pares intraday losses around $23.60 during early European morning on Wednesday.

The bright metal bounces off 50-DMA but the rebound fails to battle the bears amid a downward sloping Momentum line and a sustained break of an ascending support line from late September, now resistance around $24.00.

In addition to the stated support-turned-resistance, the 100-DMA also increases the importance of the $24.00 threshold for silver buyers.

In a case where the bullion rises past $24.00, 50% Fibonacci retracement (Fibo.) of May-September declines and 200-DMA, respectively around $25.10 and $25.30, will gain the market’s attention.

Meanwhile, a daily closing below the 50-DMA level of $23.53 becomes necessary for the commodity bears to challenge the 23.6% Fibo. support near $23.15 and multiple rest-points close to the $22.90-80.

During the quote’s weakness past $22.80, the $22.15 and the $22.00 levels may entertain the XAG/USD bears before directing them to the yearly bottom of $21.42.

Silver: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	23.62
Today Daily Change	-0.05
Today Daily Change %	-0.21%
Today daily open	23.67

Trends
Daily SMA20	24.37
Daily SMA50	23.54
Daily SMA100	24.06
Daily SMA200	25.28

Levels
Previous Daily High	24.32
Previous Daily Low	23.28
Previous Weekly High	25.41
Previous Weekly Low	24.56
Previous Monthly High	24.83
Previous Monthly Low	22
Daily Fibonacci 38.2%	23.68
Daily Fibonacci 61.8%	23.92
Daily Pivot Point S1	23.19
Daily Pivot Point S2	22.71
Daily Pivot Point S3	22.14
Daily Pivot Point R1	24.24
Daily Pivot Point R2	24.8
Daily Pivot Point R3	25.28

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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