Silver Price Analysis: XAG/USD bears attack $23.00 inside short-term triangle

Silver trims early-Asian gains while taking a U-turn from $23.08.
A three-day-old triangle formation restricts the bullion’s moves.
100 and 50-HMA are additional filters to watch amid near-term bearish bias.

Anil Panchal FXStreet

Silver prices decline to $22.90 as markets in Tokyo open for Monday’s trading. The white metal earlier surged to $23.08 but failed to keep the gains inside a triangle drawn from last Wednesday.

Considering the commodity’s latest pullback, a confluence of 50-HMA and the support line of the mentioned triangle near $22.70/75 can limit additional downside.

Also acting as near-term key support could be $22.40 that holds the gate for silver’s further weakness towards the monthly low of $21.65.

Alternatively, an upside clearance of the mentioned triangle’s resistance line, at $23.13 now, needs validation from the 100-HMA level of $23.33 to aim for September 22 low near $23.85.

Should there be a clear upside past-$23.85, last Tuesday’s high around $25.25 can lure the bulls.

Silver hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	22.9
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	22.9

Trends
Daily SMA20	26.22
Daily SMA50	25.88
Daily SMA100	21.79
Daily SMA200	19.13

Levels
Previous Daily High	23.31
Previous Daily Low	22.44
Previous Weekly High	26.96
Previous Weekly Low	21.66
Previous Monthly High	29.86
Previous Monthly Low	23.44
Daily Fibonacci 38.2%	22.77
Daily Fibonacci 61.8%	22.98
Daily Pivot Point S1	22.45
Daily Pivot Point S2	22.01
Daily Pivot Point S3	21.59
Daily Pivot Point R1	23.32
Daily Pivot Point R2	23.75
Daily Pivot Point R3	24.19

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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