Silver Price Analysis: XAG/USD prints bear flag on 4H, $22.50 is the key

Silver remains on the back foot inside a bearish chart pattern, snaps three-day uptrend.
Failures to cross 200-SMA, 61.8% Fibonacci retracement keep sellers hopeful.

Anil Panchal FXStreet

Silver (XAG/USD) refreshes intraday low around $22.60, 0.31% on a day during early Thursday.

In doing so, the bright metal portrays daily loss for the first time in four while staying inside a bearish flag chart pattern.

That said, the metal’s sustained trading below 200-SMA and 61.8% Fibonacci retracement (Fibo.) of January 07-20 upside, near $23.00, also keep sellers hopeful.

However, a clear downside break of the $22.50 becomes necessary to confirm the theoretical fall targeting the $20.00 threshold. During the fall, the last month’s low near $21.95 and December 2021 bottom surrounding $21.40 may act as intermediate halts.

Alternatively, a daily closing beyond $23.00 isn’t enough to convince silver buyers as the upper line of the stated flag will challenge the run-up near $23.15.

Following that, the 50.0% Fibo. surrounding $23.35 may test XAG/USD bulls before giving them control.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	22.61
Today Daily Change	-0.05
Today Daily Change %	-0.22%
Today daily open	22.66

Trends
Daily SMA20	23.13
Daily SMA50	22.84
Daily SMA100	23.18
Daily SMA200	24.49

Levels
Previous Daily High	22.87
Previous Daily Low	22.47
Previous Weekly High	24.31
Previous Weekly Low	22.15
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.62
Daily Pivot Point S1	22.47
Daily Pivot Point S2	22.27
Daily Pivot Point S3	22.07
Daily Pivot Point R1	22.86
Daily Pivot Point R2	23.06
Daily Pivot Point R3	23.26

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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