Silver Price Analysis: XAG/USD eases from key EMA confluence below $22.00
- Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high.
- Multiple key Exponential Moving Averages (EMAs) challenge XAG/USD bulls even as MACD signals favor upside.
- 6.5-month-old ascending trend line appears the key support to watch.
Silver price (XAG/USD) renews its intraday low near $21.70 as it consolidates the previous day’s gains, extending a pullback from a five-week high, during early Thursday. In doing so, the bright metal portrays the fourth consecutive failure on a day to cross the convergence of the key Exponential Moving Averages (EMAs).
That said, the 50-EMA joins 100-EMA and 200-EMA to highlight the $21.80-90 region as a tough nut to crack for the Silver buyers.
Even so, bullish MACD signals join an upward-sloping trend line from early September 2022 to restrict the immediate downside of the XAG/USD around $20.00.
Ahead of that, the previous weekly top of around $21.30 and the $21.00 could lure the Silver bears.
In a case where the Silver price remains bearish past $20.00, the odds of witnessing a slump toward the November 2022 low near $18.80 can’t be ruled out.
On the flip side, a daily closing beyond $21.90 appears necessary for the XAG/USD bulls to retake control.
Even so, the $22.00 threshold and January’s low near $22.75 could challenge the Silver buyers before giving them control.
Overall, the Silver price remains far from the buyer’s radar unless crossing $21.90. However, the downside room also appears limited.
Silver price: Daily chart
Trend: Further weakness expected
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.
