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.

EUR/USD clings to humble gains around 1.1780

EUR/USD manages to reverse Tuesday’s pullback, sticking to daily gains around 1.1780 following an earlier bull run past 1.1800 the figure. The pair’s slight advance comes on the back of the equally marginal uptick in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House.

GBP/USD flirts with weekly tops north of 1.3500

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a marginal advance in the Greenback and a generalised improved mood in the risk-associated universe. Meanwhile, the US tariff narrative continues to dictate the mood among market participants.

Gold picks up pace, focus on $5,200

Gold buyers are stepping back in on Wednesday, with sights set on $5,200 and potentially higher, after Tuesday’s pullback from monthly highs. The yellow metal’s recovery follows some loss of momentum in the US Dollar after Trump’s SOTU speech failed to deliver fresh impetus and AI-related jitters continue to fade.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.