Silver Price Analysis: XAG/USD rejected from $24.00, looks at $23.00

XAG/USD is under pressure after breaking short-term support levels during the American session.
The metal is under pressure, approaching the $23.00 level.
US Dollar mixed as equity prices rises modestly.

Matías Salord FXStreet

Silver is under pressure during Wednesday’s American session, trading at the lowest level since Friday, near $23.20. The white metal is falling by 1.25%, getting closer to January lows.

Earlier on Wednesday, XAG/USD reached levels above $24.00 but it was rejected and started to move lower. The decline gained speed during the American session and after breaking short-term horizontal and dynamic supports.

Silver price is back under the 20-day Simple Moving Average (SMA), today at $23.60. The mentioned SMA is turning south, suggesting some exhaustion to the upside. The short-term bias is turning to the downside. All could change it XAG/USD manages to rise and hold above $24.00, particularly with a daily close above $24.20.

On the downside, the next target is at the January low at $23.10. Below $23.00 the next support level is seen at $22.80.

Silver Daily chart

Silver 4-hour chart

XAG/USD

Overview
Today last price	23.33
Today Daily Change	-0.29
Today Daily Change %	-1.23
Today daily open	23.62

Trends
Daily SMA20	23.69
Daily SMA50	22.48
Daily SMA100	20.8
Daily SMA200	21.09

Levels
Previous Daily High	23.77
Previous Daily Low	23.43
Previous Weekly High	24.55
Previous Weekly Low	23.12
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.56
Daily Fibonacci 61.8%	23.64
Daily Pivot Point S1	23.45
Daily Pivot Point S2	23.27
Daily Pivot Point S3	23.1
Daily Pivot Point R1	23.79
Daily Pivot Point R2	23.95
Daily Pivot Point R3	24.13

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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