Silver Price Analysis: XAG/USD bears attack weekly support below $23.00
- Silver extends Wednesday’s losses, refreshes intraday low by the press time.
- Bearish MACD, sustained trading below 200-HMA direct sellers towards key Fibonacci retracement levels.
- One-week-old resistance line adds to the upside filters.
Silver (XAG/USD) sellers battle with the support line of a weekly triangle, down 0.30% around $2.265 during early Thursday.
In doing so, the bright metal stretches the previous day’s downside break of 200-HMA amid bearish MACD signals.
That said, the metal’s further declines hinge on sustained trading below $22.65. Also acting as the downside filter is December 29 low near $22.60.
During the quote’s weakness past $26.60, 50% and 61.8% Fibonacci retracement (Fibo.) of December 15-28 upside, near $22.40 and $22.20 in that order, will challenge the XAG/USD bears.
Meanwhile, the corrective pullback may initially aim for the convergence of the 200-HMA and 23.6% Fibo. around $23.00.
Following that, the stated triangle’s resistance line will test the silver buyers around $23.25.
In a case where XAG/USD rises past $23.25, the tops marked around $23.45 since late November will be crucial to watch.
Silver: Hourly chart
Trend: Further weakness expected
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.
