Silver Price Analysis: XAG/USD edges lower towards $23.00 within weekly triangle

Silver Price remains depressed within one-week-old symmetrical triangle.
Sustained trading below 200-HMA, fortnight-long resistance line amid steady RSI favor XAG/USD sellers.
Silver Price weakness past $23.00 can aim for November 2022 peak.

Anil Panchal FXStreet

Silver Price (XAG/USD) grinds within a short-term symmetrical triangle as traders await the key risk catalysts during early Wednesday.

That said, the XAG/USD seesaws inside a one-week-old triangle formation after failing to register any clear pattern the previous day.

Though, the bullion’s sustained trading below the 200-Hour Moving Average (HMA), as well as a downward-sloping trend line from May 15, keeps the Silver bears hopeful.

Additionally, the steady RSI (14) line suggests a further zigzag of the XAG/USD price within a triangle as the bullion sellers slowly tighten their grip.

It’s worth noting that the Silver sellers, however, may need to wait for a clear downside break of the stated triangle, by smashing the $23.00 support, which in turn could direct the XAG/USD price towards the monthly low marked in the last week around $22.68.

In a case where the Silver price remains bearish past $22.68, the November 2022 peak of around $22.25 and the $22.00 round figure could lure the precious metal sellers.

On the contrary, an upside break of the stated triangle’s resistance line, around $23.30 at the latest, isn’t an open invitation to the Silver buyers as the 200-HMA and the previously stated two-week-old resistance line, respectively near $23.35 and $23.45, could play their roles of probing the XAG/USD bulls.

Following that, a run-up towards $24.00 and then to a late April low of near $24.50 can’t be ruled out.

Silver Price: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	23.17
Today Daily Change	-0.02
Today Daily Change %	-0.09%
Today daily open	23.19

Trends
Daily SMA20	24.18
Daily SMA50	24.4
Daily SMA100	23.35
Daily SMA200	22.06

Levels
Previous Daily High	23.34
Previous Daily Low	22.93
Previous Weekly High	23.92
Previous Weekly Low	22.68
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	23.19
Daily Fibonacci 61.8%	23.09
Daily Pivot Point S1	22.97
Daily Pivot Point S2	22.74
Daily Pivot Point S3	22.55
Daily Pivot Point R1	23.38
Daily Pivot Point R2	23.57
Daily Pivot Point R3	23.8

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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