Silver Price Analysis: XAG/USD stays mildly offered near $23.00 inside weekly triangle


  • Silver fades the previous day’s rebound, eases from intraday top.
  • 20-SMA guards immediate upside, 100-SMA adds strength to the triangle’s support.
  • Steady Momentum, key technical hurdles hint at further sideways grind of the metal.

Silver (XAG/USD) consolidates the previous day’s gains around $23.00, down 0.12% intraday, during Wednesday’s Asian session.

In doing so, the bright metal eases from 20-SMA while staying inside a one-week-old symmetrical triangle.

Given the steady Momentum line and continuation chart pattern, XAG/USD is likely to grind for the short term.

That said, the latest pullback from the 20-SMA can drag the quote towards $22.90 nearby support. However, a convergence of the stated triangle’s support line and 100-SMA, around $22.60, offers a tough nut to crack for the silver bears.

Alternatively, an upside clearance of the 20-SMA level of $23.06 will direct XAG/USD bulls towards the triangle’s resistance line of $23.25.

In a case where silver buyers keep reins past $23.25, highs marked on November 29 and December 28, around $23.45, will be crucial to watch.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 23.04
Today Daily Change -0.02
Today Daily Change % -0.09%
Today daily open 23.06
 
Trends
Daily SMA20 22.61
Daily SMA50 23.35
Daily SMA100 23.35
Daily SMA200 24.74
 
Levels
Previous Daily High 23.1
Previous Daily Low 22.64
Previous Weekly High 23.44
Previous Weekly Low 22.59
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.93
Daily Fibonacci 61.8% 22.82
Daily Pivot Point S1 22.77
Daily Pivot Point S2 22.48
Daily Pivot Point S3 22.31
Daily Pivot Point R1 23.23
Daily Pivot Point R2 23.4
Daily Pivot Point R3 23.69

 

 

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