Silver Price Analysis: XAG/USD rebound remains elusive below 200-DMA

Silver price snaps four-day downtrend while bouncing off the lowest levels since early November 2022.
Bearish MACD signals, sustained trading below 200-DMA keep sellers hopeful.
Multiple hurdles stand tall to challenge XAG/USD buyers.

Anil Panchal FXStreet

Silver price (XAG/USD) clings to mild gains around $20.70 as bulls struggle to defend the first daily gains in five during early Tuesday.

That said, the bright metal dropped to the lowest levels since November 2022 before bouncing off $20.56. The metal’s recovery could be linked to a U-turn from the three-month-old horizontal support.

Despite the latest rebound, the XAG/USD remains on the seller’s radar as it stays below the 200-DMA amid bearish MACD signals.

Even if the precious metal crosses the 200-DMA hurdle of $21.00, a downward-sloping resistance line from February 02, close to $21.25 by the press time, could challenge the Silver buyers afterward.

It’s worth observing that the XAG/USD bears remain hopeful unless the quote stays below the $22.00-10 resistance area comprising multiple tops marked since the last November.

On the contrary, a daily closing below the aforementioned three-month-old horizontal support near $20.50 will challenge an ascending support line from early September 2022, around $20.25 to please the Silver bears.

It should be noted that the $20.00 psychological magnet acts as an extra filter toward the south.

Overall, the Silver price remains weak unless breaking the $22.10 hurdle. The downside moves, however, appear to have limited room towards the south.

Silver price: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	20.67
Today Daily Change	0.08
Today Daily Change %	0.39%
Today daily open	20.59

Trends
Daily SMA20	22.05
Daily SMA50	23.09
Daily SMA100	22.03
Daily SMA200	21

Levels
Previous Daily High	20.84
Previous Daily Low	20.56
Previous Weekly High	21.98
Previous Weekly Low	20.74
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	20.67
Daily Fibonacci 61.8%	20.74
Daily Pivot Point S1	20.48
Daily Pivot Point S2	20.38
Daily Pivot Point S3	20.2
Daily Pivot Point R1	20.77
Daily Pivot Point R2	20.95
Daily Pivot Point R3	21.05

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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