Silver Price Analysis: XAG/USD recovery remains elusive below $22.70
- Silver consolidates the heaviest daily losses in a week inside short-term symmetrical triangle.
- Confluence of 100, 200 HMAs guards immediate upside ahead of one-week-old resistance line.
- Yearly low will lure bears during fresh pullback.
Silver (XAG/USD) struggles to extend the recovery moves around $22.50, up 0.10% intraday, during early Wednesday.
The white metal dropped the most in a week the previous day but couldn’t defy the weekly symmetrical triangle. The following corrective pullback jostles with a convergence of 100 and 200 HMAs.
Even if the commodity prices overcome the immediate hurdle surrounding $22.50, buyers remain skeptical until the quote remains below the stated triangle’s upper line, close to $22.70.
Following that, a horizontal area established from September 17 near $23.15 will be in focus.
Alternatively, pullback moves will have to conquer the stated triangle with a sustained downside break of the support line, near $22.15, to challenge the yearly low of $22.00.
In a case where the silver bears keep reins past $22.00, the $20.00 psychological magnet will be on their radars.
Silver: Hourly chart
Trend: Pullback expected
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.
