Silver Price Analysis: XAG/USD steadies above $23.25 support confluence

Silver consolidates the biggest daily fall in three weeks.
100-DMA, fortnight-old support line restricts short-term declines amid firmer MACD.
61.8% Fibonacci retracement, 200-DMA act as strong resistances.

Anil Panchal FXStreet

Silver (XAG/USD) prices remain sidelined around $23.35-40 during a quiet Asian session on Wednesday.

In doing so, the bright metal keeps the previous day’s bounce off the 100-DMA and ascending support line from February 03 amid the bullish MACD signals.

However, a daily closing beyond the 61.8% Fibonacci retracement (Fibo.) of November-December downside, around $23.90, will be crucial to convince the buyers.

Also challenging the XAG/USD upside is the 200-DMA level surrounding $24.30, a break of which will challenge January’s high of $24.70.

Alternatively, a daily closing below the 100-DMA and support line’s convergence, near $23.25, will convince silver sellers to attach the $23.00 threshold.

Following that, $22.60 and the monthly low of $22.00 may entertain XAG/USD bears ahead of directing them to the late 2021 trough close to $21.40.

Silver: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	23.37
Today Daily Change	-0.02
Today Daily Change %	-0.09%
Today daily open	23.39

Trends
Daily SMA20	23.28
Daily SMA50	22.92
Daily SMA100	23.24
Daily SMA200	24.33

Levels
Previous Daily High	23.99
Previous Daily Low	23.08
Previous Weekly High	23.72
Previous Weekly Low	22.49
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.43
Daily Fibonacci 61.8%	23.64
Daily Pivot Point S1	22.99
Daily Pivot Point S2	22.58
Daily Pivot Point S3	22.08
Daily Pivot Point R1	23.9
Daily Pivot Point R2	24.4
Daily Pivot Point R3	24.81

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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