Silver Price Analysis: XAG/USD bears keep the reins around 10-week low under $22.00

Silver prints three-day losing streak as sellers flirt with 2.5-month low.
Clear downside break of 100-DMA, bearish MACD signals favor sellers.
50% Fibonacci retracement, 200-DMA challenge further downside.
Recovery remains elusive unless crossing $23.15, ascending trend line from early September 2022 adds to the downside filters.

Anil Panchal FXStreet

Silver price (XAG/USD) remains on the bear’s radar as the bright metal renews intraday low near $21.70 during early Wednesday in Europe. In doing so, the bullion stays pressured around the lowest levels since November 30 amid a three-day downtrend.

The quote’s weakness could be linked to the daily closing below the 100-DMA, as well as sustained trading below the previous support line from early December 2022, respectively near $21.95 and $23.15.

As a result, the XAG/USD bears have a free hand while expecting further downside of the metal.

However, the 50% Fibonacci retracement of September 2022 to February 2023 upside, near $21.10, precedes the 200-DMA level of $21.00 to offer a strong challenge to the Silver sellers.

Following that, the 61.8% Fibonacci retracement surrounding $20.30, also known as the golden Fibonacci ratio, as well as a 5.5-month-old ascending support line, close to $20.00 round figure, will become the key for the XAG/USD sellers to watch.

Alternatively, recovery moves need to stay beyond the 100-DMA hurdle of $21.95, as well as the $22.00 round figure to convince intraday buyers of the Silver.

Even so, the previous weekly high near $22.60 and the support-turned-resistance line from December 06, 2022, close to $23.15, could challenge the XAG/USD bulls before giving them control.

Silver price: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	21.73
Today Daily Change	-0.15
Today Daily Change %	-0.69%
Today daily open	21.88

Trends
Daily SMA20	23.07
Daily SMA50	23.42
Daily SMA100	21.9
Daily SMA200	21.01

Levels
Previous Daily High	22.04
Previous Daily Low	21.61
Previous Weekly High	22.62
Previous Weekly Low	21.84
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	21.77
Daily Fibonacci 61.8%	21.88
Daily Pivot Point S1	21.65
Daily Pivot Point S2	21.41
Daily Pivot Point S3	21.21
Daily Pivot Point R1	22.08
Daily Pivot Point R2	22.28
Daily Pivot Point R3	22.52

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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