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.
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
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Silver 4-hour chart
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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.
