Silver Price Analysis: XAG/USD moves further away from multi-month top, downside seems limited

Silver edges lower for the second straight day and retreats further from a multi-month top.
The setup still favours bulls and supports prospects for the emergence of some dip-buying.
A convincing break below the $23.00 confluence is needed to negate the positive outlook.

Haresh Menghani FXStreet

Silver extends the previous day's retracement slide from an eight-month top and remains under some selling pressure for the second successive day on Thursday. The white metal remains depressed through the first half of the European session and is currently placed around the $23.80-$23.75 region.

From current levels, any subsequent slide is likely to find some support near the $23.55-$23.50 area. Some follow-through selling will expose the $23.00 confluence, comprising the 100-period SMA on the 4-hour chart and an ascending trend-line extending from November low. The said handle should act as a strong base and a key pivotal point to determine the next leg of a directional move for the XAG/USD.

Meanwhile, oscillators on the 4-hour chart - though have been losing traction - are still holding in bullish territory. Furthermore, positive technical indicators on the daily chart support prospects for the emergence of some dip-buying near the aforementioned confluence support. That said, a convincing break below will negate the constructive outlook and shift the bias in favour of bearish traders.

The XAG/USD might then turn vulnerable and accelerate the fall towards testing the $22.00 round-figure mark with some intermediate support near the $22.55-$22.50 horizontal zone. A sustained strength beyond should pave the way for additional near-term gains, lifting the XAG/USD beyond the $24.60-$24.70 zone and allowing bulls to aim towards reclaiming the $25.00 psychological mark.

Silver 4-hour chart

Key levels to watch

XAG/USD

Overview
Today last price	23.74
Today Daily Change	-0.24
Today Daily Change %	-1.00
Today daily open	23.98

Trends
Daily SMA20	22.76
Daily SMA50	21.17
Daily SMA100	20.28
Daily SMA200	21.18

Levels
Previous Daily High	24.3
Previous Daily Low	23.83
Previous Weekly High	24.13
Previous Weekly Low	22.56
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	24.01
Daily Fibonacci 61.8%	24.12
Daily Pivot Point S1	23.77
Daily Pivot Point S2	23.56
Daily Pivot Point S3	23.3
Daily Pivot Point R1	24.24
Daily Pivot Point R2	24.51
Daily Pivot Point R3	24.72

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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