Silver Price Analysis: XAG/USD bears brace for $23.00, 11-month-old support line

Silver remains pressured for six consecutive days despite being off the yearly low.
Bearish MACD, sustained trading below 200-DMA, previous support line favor sellers.
Seven-month-old descending trend line acts as immediate support before an upward sloping support line from September 2020.
Bulls have multiple hurdles before retaking the controls.

Anil Panchal FXStreet

Silver (XAG/USD) retreats to $23.30, fades the previous day’s corrective pullback, amid a quiet Asian session on Wednesday.

The white metal slumped to refresh the yearly low on Monday before portraying a bearish consolidation on Tuesday. Though, MACD histograms back the commodity sellers cheering the downside break of a seven-week-old falling trend line, previous support, as well as the early August pullback from 200-DMA.

That said, the quote is well directed towards a downward sloping support line from January 18, around the $23.00 threshold.

However, any further downside will be challenged by an 11-month-long rising trend line near $22.70.

On the flip side, corrective pullback needs to regain the previous support line around $24.10 to challenge July’s low near $24.50.

Even so, a 200-DMA level of $25.91 becomes a tough nut to crack for the bulls.

Silver: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	23.32
Today Daily Change	-0.02
Today Daily Change %	-0.09%
Today daily open	23.34

Trends
Daily SMA20	25.14
Daily SMA50	26.05
Daily SMA100	26.21
Daily SMA200	25.92

Levels
Previous Daily High	23.67
Previous Daily Low	23.24
Previous Weekly High	26
Previous Weekly Low	24.2
Previous Monthly High	26.78
Previous Monthly Low	24.5
Daily Fibonacci 38.2%	23.4
Daily Fibonacci 61.8%	23.51
Daily Pivot Point S1	23.16
Daily Pivot Point S2	22.98
Daily Pivot Point S3	22.72
Daily Pivot Point R1	23.6
Daily Pivot Point R2	23.86
Daily Pivot Point R3	24.04

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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