Silver Price Analysis: XAG/USD remains confined in a range around $23.00, seems vulnerable

Silver attracts some intraday selling on Tuesday, albeit lacks follow-through.
The technical setup suggests that the path of least resistance remains down.
Attempted recoveries could be seen as a selling opportunity and remain capped.

Haresh Menghani FXStreet

Silver struggles to capitalize on the previous day's modest recovery gains and attracts fresh sellers in the vicinity of the $23.20 area on Tuesday. The white metal extends its steady descent through the early part of the European session and hits a fresh daily low in the last hour, though shows some resilience below the $23.00 round-figure mark.

Looking at the broader picture, Silver has been oscillating in a familiar trading back since last Thursday. Against the backdrop of the recent sharp downfall from the $25.00 psychological mark, this range-bound price action might be categorized as a bearish consolidation phase. Moreover, oscillators on the daily chart are holding in the negative territory and are still far from being in the oversold zone. This, in turn, suggests that the path of least resistance for the XAG/USD is to the downside.

Bearish traders, however, might wait for some follow-through selling below the $22.85-$22.80 area or a multi-week low touched last Thursday, before placing fresh bets. The XAG/USD might then accelerate the fall towards challenging a strong horizontal support near the $22.20-$22.10 zone. This is followed by the $22.00 round-figure mark, which if broken decisively will be seen as a fresh trigger for bearish traders and pave the way for an extension of a multi-week-old descending trend.

On the flip side, the $23.20 region now seems to have emerged as an immediate strong resistance. Any subsequent move up might be seen as a selling opportunity and remain capped near the very important 200-day Simple Moving Average (SMA), currently pegged near the $23.45-$23.50 area. This is followed by the 100-day SMA barrier, around the $23.80 region, and the $24.00 mark, which if cleared should negate the near-term negative outlook for the XAG/USD.

The subsequent short-covering move has the potential to lift the white metal beyond the $24.30-$24.35 supply zone, towards reclaiming the $25.00 psychological mark. The latter represents the August monthly swing high and should act as a pivotal point. A sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for some meaningful appreciating move for the XAG/USD.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.04
Today Daily Change	-0.04
Today Daily Change %	-0.17
Today daily open	23.08

Trends
Daily SMA20	23.58
Daily SMA50	23.74
Daily SMA100	23.82
Daily SMA200	23.47

Levels
Previous Daily High	23.22
Previous Daily Low	22.91
Previous Weekly High	24.3
Previous Weekly Low	22.83
Previous Monthly High	25.02
Previous Monthly Low	22.23
Daily Fibonacci 38.2%	23.1
Daily Fibonacci 61.8%	23.03
Daily Pivot Point S1	22.92
Daily Pivot Point S2	22.75
Daily Pivot Point S3	22.6
Daily Pivot Point R1	23.24
Daily Pivot Point R2	23.39
Daily Pivot Point R3	23.56

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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