• Silver turns lower for the second consecutive session on Wednesday.
  • The set-up support prospects for a further intraday depreciating move.
  • A sustained move beyond $24.00 is needed to negate the bearish bias.

Silver struggled to preserve its modest intraday gains and refreshed daily lows during the early North American session. The commodity has now drifted into the negative territory for the second successive day and was last seen trading near mid-$23.00s confluence. 

The mentioned area marks the 23.6% Fibonacci level of a sharp fall from monthly swing highs and 100-hour SMA. Given that the recent recovery faced rejection near the $24.00 mark on Tuesday, some follow-through selling might be seen as a trigger for bearish traders.

Meanwhile, technical indicators on the daily chart are holding deep in the bearish territory and are still far from being in the oversold zone. Moreover, oscillators on hourly charts have again started gaining negative momentum, adding credence to the bearish outlook.

Hence, a subsequent slide towards intermediate support, around the $23.15 region, remains a distinct possibility. The XAG/USD could slide further below the $23.00 round-figure mark and aim to challenge YTD lows, around the $22.20 region touched last Monday.

On the flip side, any meaningful positive move might continue to confront stiff resistance near the $23.90-$24.00 region. A sustained strength beyond might prompt some short-covering move and lift the XAG/USD towards the 50% Fibo. level, around the $24.35-40 area.

Silver 1-hour chart

fxsoriginal

Technical levels to watch

XAG/USD

Overview
Today last price 23.61
Today Daily Change -0.04
Today Daily Change % -0.17
Today daily open 23.65
 
Trends
Daily SMA20 24.62
Daily SMA50 25.63
Daily SMA100 26.14
Daily SMA200 25.89
 
Levels
Previous Daily High 23.96
Previous Daily Low 23.57
Previous Weekly High 24.37
Previous Weekly Low 22.17
Previous Monthly High 26.78
Previous Monthly Low 24.5
Daily Fibonacci 38.2% 23.72
Daily Fibonacci 61.8% 23.81
Daily Pivot Point S1 23.5
Daily Pivot Point S2 23.34
Daily Pivot Point S3 23.11
Daily Pivot Point R1 23.88
Daily Pivot Point R2 24.12
Daily Pivot Point R3 24.27

 

 

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