Silver Price Analysis: XAG/USD bears are on a test around $23.50

Silver price remains pressured around one-month-old ascending support line.
Fortnight-long horizontal region, 100-SMA adds to the immediate downside filters.
Bearish MACD signals keep sellers hopeful but further declines hinge on $23.35 breakdown.
Bulls need validation from $24.30 to retake control.

Anil Panchal FXStreet

Silver price (XAG/USD) stays depressed around $23.55 as bears poke the monthly support line during early Thursday. It’s worth noting that the bright metal dropped the most in two weeks the previous day.

Given the metal’s sustained downside break of the previous support line from December 16 and the bearish MACD signals, the XAG/USD price is likely to break the immediate support line close to $23.50.

However, a two-week-old horizontal area comprising the 100-SMA, between $23.35 and $23.45, appears a tough nut to crack for the silver bears.

Should the commodity price breaks the $23.35 support, the odds of witnessing a slump to $23.00 can’t be ruled out.

Following that, the mid-month swing low of $22.55 and the monthly bottom surrounding $22.00 will gain the market’s attention.

Meanwhile, recovery moves may initially aim for the two-wee-old support-turned-resistance line near the $24.00 round figure before eyeing the double tops surrounding $24.30.

It should be noted, however, that the XAG/USD run-up beyond $24.30 won’t hesitate to poke the $25.00 round figure. Though, April’s top surrounding $26.25 could challenge the Silver buyers afterward.

Overall, the Silver price is likely to remain bearish but the quote’s further downside hinges on a $23.35 breakdown.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	23.54
Today Daily Change	-0.50
Today Daily Change %	-2.08%
Today daily open	24.04

Trends
Daily SMA20	23.26
Daily SMA50	21.58
Daily SMA100	20.42
Daily SMA200	21.15

Levels
Previous Daily High	24.28
Previous Daily Low	23.79
Previous Weekly High	24.3
Previous Weekly Low	22.84
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	24.1
Daily Fibonacci 61.8%	23.98
Daily Pivot Point S1	23.79
Daily Pivot Point S2	23.55
Daily Pivot Point S3	23.3
Daily Pivot Point R1	24.29
Daily Pivot Point R2	24.53
Daily Pivot Point R3	24.78

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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