Silver Price Analysis: XAG/USD struggles above $23.00, sellers await 200-SMA break

Silver retreats from monthly resistance, snaps four-day uptrend.
RSI conditions hints at buyer’s exhaustion, three-week-old horizontal line adds to the upside filters.

Anil Panchal FXStreet

Silver (XAG/USD) consolidates recent gains around $23.20, down 0.26% intraday during Thursday’s Asian session.

In doing so, the bright metal steps back from a two-week high, flashed the previous day, by justifying the strength of a one-month-old horizontal resistance area surrounding $23.25.

Also challenging the XAG/USD bulls are the RSI conditions that don’t back the recent highs.

Even so, silver sellers need to wait for a clear downside break of the 200-SMA level of $23.00 for fresh entries.

Following that, 61.8% Fibonacci retracement (Fibo.) of December-January upside, close to $22.65, may test the XAG/USD bears before directing them to the five-week-old support area near $22.00.

Meanwhile, recovery moves beyond the immediate hurdle around $23.25 isn’t a green card to the silver buyers as a horizontal line from January 18, near $23.65, will challenge the upside moves to the $24.00 threshold.

Should XAG/USD remains firm past $24.00, its run-up towards January’s high of $24.70 can’t be ruled out.

Silver: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	23.23
Today Daily Change	-0.07
Today Daily Change %	-0.30%
Today daily open	23.3

Trends
Daily SMA20	23.2
Daily SMA50	22.84
Daily SMA100	23.2
Daily SMA200	24.4

Levels
Previous Daily High	23.36
Previous Daily Low	23.1
Previous Weekly High	23.05
Previous Weekly Low	22.01
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.26
Daily Fibonacci 61.8%	23.19
Daily Pivot Point S1	23.15
Daily Pivot Point S2	22.99
Daily Pivot Point S3	22.89
Daily Pivot Point R1	23.41
Daily Pivot Point R2	23.51
Daily Pivot Point R3	23.67

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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