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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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