Silver Price Analysis: XAG/USD bears take a breather around $23.00 as 100-SMA probes further declines

  • Silver prices struggle to overcome intraday low, reverses Monday’s gains.
  • Bearish MACD signals keep sellers hopeful inside short-term symmetrical triangle.
  • 200-SMA, 50% Fibonacci retracement act as additional trading filters.

Silver (XAG/USD) fades bounce off intraday low, down 0.40% on a day while recently easing to $22.92 ahead of Tuesday’s European session.

In doing so, the bright metal drops back to the 100-SMA while staying inside a two-month-old symmetrical triangle.

Given the bearish MACD signals and repeated failures to stay firmer above the 100-SMA, XAG/USD is likely to break the $22.85 immediate support.

Following that, the 200-SMA level of $22.60 may offer an intermediate halt during the metal’s likely fall towards the stated triangle’s support line near $22.20.

On the contrary, a clear upside break of the triangle’s resistance line, close to $23.30, becomes necessary for the commodity prices to aim for a 50% Fibonacci retracement level of November-December downside, near $23.40.

In a case where silver rises past $23.40, the late November swing high near $23.75 may test the bulls before directing them to the $24.00 threshold.

Overall, silver prices are likely to remain pressured inside a neutral chart pattern.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 22.92
Today Daily Change -0.10
Today Daily Change % -0.43%
Today daily open 23.02
Daily SMA20 22.85
Daily SMA50 23.13
Daily SMA100 23.27
Daily SMA200 24.65
Previous Daily High 23.12
Previous Daily Low 22.83
Previous Weekly High 23.31
Previous Weekly Low 22.2
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 23.01
Daily Fibonacci 61.8% 22.94
Daily Pivot Point S1 22.86
Daily Pivot Point S2 22.71
Daily Pivot Point S3 22.58
Daily Pivot Point R1 23.14
Daily Pivot Point R2 23.27
Daily Pivot Point R3 23.43



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