Silver Price Analysis: XAG/USD extends pullback from 100-DMA towards $23.00

Silver Price retreats towards two-month low marked the last week, pressured for the second consecutive day.
Bearish MACD signals, failure to keep the bounce off $22.70 to lure XAG/USD sellers.
200-DMA, ascending trend line from September 2022 on bear’s radar.
Buyers remain off the table unless the quote crosses April’s low.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains depressed around the intraday low surrounding $23.15 during early Tuesday in Asia. In doing so, the bright metal drops for the second consecutive day while keeping the week-start U-turn from the 100-DMA hurdle.

Additionally favoring the Silver sellers are the downbeat MACD signals and the metal’s failure to defend Friday’s strong recovery from the $22.70 mark.

With this, the quote drops towards the $23.00 round figure ahead of revisiting the latest troughs around $22.70.

Following that, the 200-DMA level surrounding the $22.00 will gain the Silver seller’s attention. It’s worth noting, however, that an upward-sloping support line from September 2022, close to $21.00 by the press time, appears the key for the XAG/USD sellers to conquer before taking control.

On the contrary, the Silver Price recovery needs validation from the 100-DMA hurdle of around $23.35, as well as from the $24.00 round figure, ahead of challenging the final post of the XAG/USD bears around $24.50, comprising the monthly low of April.

Should the XAG/USD manage to remain firmer past $24.50, the odds of witnessing a run-up towards the yearly top marked earlier in the month around $26.15 can’t be ruled out.

Silver Price: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	23.16
Today Daily Change	-0.02
Today Daily Change %	-0.09%
Today daily open	23.18

Trends
Daily SMA20	24.29
Daily SMA50	24.39
Daily SMA100	23.36
Daily SMA200	22.03

Levels
Previous Daily High	23.38
Previous Daily Low	23.16
Previous Weekly High	23.92
Previous Weekly Low	22.68
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	23.25
Daily Fibonacci 61.8%	23.3
Daily Pivot Point S1	23.1
Daily Pivot Point S2	23.02
Daily Pivot Point S3	22.88
Daily Pivot Point R1	23.32
Daily Pivot Point R2	23.46
Daily Pivot Point R3	23.54

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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