Silver Price Analysis: XAG/USD slips below $23.00
- Silver prices dip, unable to hold above key $23.00 level, indicating a possible ongoing downtrend.
- Break below major supports like 200, 50, and 100-day DMAs strengthens bearish outlook for silver.
- Buyer resistance seen at $23.00 and 100-DMA ($23.15); fall below $22.51 may lead to $22.00, $21.93 supports.
Silver price retreated late in the North American session after hitting a daily high of $22.97, though buyers' failure to reclaim the $23.00 exacerbated the grey metal’s fall to current spot prices. Therefore, the XAG/USD exchanges hands at $22.73, down 0.59%.
After printing three straight positive days, Silver retraced below $23.00, resuming its ongoing downtrend and forming a ‘bearish after sellers dragged prices below key support levels, like the 200, 50, and 100-day moving averages (DMAs). Even though XAG/USD is edging low, as a ‘bearish harami’ chart pattern emerges, it still needs to surpass (again) December’s 13 swing low of $22.51 to challenge the $22.00 figure. The next demand area below that level would be January’s 55 low at $21.93.
On the flip side, buyers are eyeing the $23.00 handle and the 100-DMA at $23.15 as immediate resistance levels in the near term. Once those levels are cleared, the next resistance emerges at the 200-DMA at $23.48.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
