Silver Price Analysis: Weekly support line probes XAG/USD bears above $23.00

Silver pares intraday gains after reversing from seven-month high.
50-HMA breakdown keeps sellers hopeful but sluggish MACD immediate support line restricts downside moves.
200-HMA, nearly descending trend line act as additional trading filters.

Anil Panchal FXStreet

Silver price (XAG/USD) retreats to $22.35 heading into Tuesday’s European session. Even so, the bright metal remains mildly bid while consolidating the biggest daily loss in 10 weeks, marked the previous day.

It should be noted that the bullish MACD signals challenge the quote’s downside momentum.

That said, the bullion’s latest losses could be linked to the failure to cross a one-week-old horizontal resistance area surrounding $22.40-45.

However, an upward-sloping trend line from November 29, near $22.25, restricts the immediate downside of the XAG/USD price.

Should the metal breaks immediate support, the 200-HMA level surrounding $21.90, could act as the last defense of the Silver bulls.

On the contrary, an upside break of $22.45 isn’t an open welcome to the XAG/USD buyers as a downward-sloping trend line from Monday restricts immediate upside near $22.55. Also acting as an upside hurdle is the 50-HMA level near $22.75.

To sum up, the Silver price remains sidelined between the 50-HMA and the 200-HMA but the odds favoring upside are higher.

Silver price: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	22.35
Today Daily Change	0.14
Today Daily Change %	0.63%
Today daily open	22.21

Trends
Daily SMA20	21.58
Daily SMA50	20.3
Daily SMA100	19.8
Daily SMA200	21.31

Levels
Previous Daily High	23.52
Previous Daily Low	22.17
Previous Weekly High	23.24
Previous Weekly Low	20.87
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	22.68
Daily Fibonacci 61.8%	23
Daily Pivot Point S1	21.75
Daily Pivot Point S2	21.28
Daily Pivot Point S3	20.39
Daily Pivot Point R1	23.1
Daily Pivot Point R2	23.98
Daily Pivot Point R3	24.45

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.

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.