Silver Price Analysis: XAG/USD drops towards weekly support near $23.50

Silver price remains depressed below 200-HMA, prints three-day downtrend.
Bullish MACD signals, steady RSI can defend buyers around short-term key support.
Buyers need validation from $24.00 to retake control.

Anil Panchal FXStreet

Silver price (XAG/USD) holds lower ground near $23.60 amid early Wednesday’s sluggish markets. In doing so, the bright metal drops for the third consecutive day despite positive mild losses.

That said, the quote’s sustained trading below the 200-Hour Moving Average (HMA) keeps the sellers hopeful. Even so, the bullish MACD signals and mostly steady RSI (14) hint at limited downside room.

As a result, an upward-sloping support line from the last Thursday, around $23.50 by the press time, appears to put a floor under the XAG/USD.

In a case where the Silver sellers manage to conquer the $23.50 support, the monthly low of $23.11 and the $23.00 round figure will gain major attention.

However, the $22.50 appears a tough nut to crack for XAG/USD bears afterward as it comprises the June 2022 peak and late December’s trough.

Meanwhile, an upside clearance of the 200-HMA, close to $23.80 at the latest, isn’t enough for the Silver buyer’s conviction as a downward-sloping resistance line from January 03, close to $23.90, should test the quote’s further advances.

Also acting as an upside hurdle is the $24.00 round figure, a break of which could quickly propel prices towards challenging the monthly high, currently around $24.55.

Silver price: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	23.6
Today Daily Change	-0.02
Today Daily Change %	-0.08%
Today daily open	23.62

Trends
Daily SMA20	23.69
Daily SMA50	22.48
Daily SMA100	20.8
Daily SMA200	21.09

Levels
Previous Daily High	23.77
Previous Daily Low	23.43
Previous Weekly High	24.55
Previous Weekly Low	23.12
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.56
Daily Fibonacci 61.8%	23.64
Daily Pivot Point S1	23.45
Daily Pivot Point S2	23.27
Daily Pivot Point S3	23.1
Daily Pivot Point R1	23.79
Daily Pivot Point R2	23.95
Daily Pivot Point R3	24.13

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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