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- Silver Price Analysis: Rising wedge confirmation backs XAG/USD bears below $23.00
Silver Price Analysis: Rising wedge confirmation backs XAG/USD bears below $23.00
- Silver prices remain pressured around confirming a bearish chart pattern.
- Downbeat oscillators also direct sellers towards 100-SMA.
- 200-SMA adds strength to the $23.15 resistance levels.
Silver (XAG/USD) drops 0.23% intraday to $22.77 during early Thursday in Asia.
The bright metal declined the most in two weeks the previous while confirming a sustained break of the short-term rising wedge bearish formation on the four-hour (4H) play.
The bearish bias also takes clues from the MACD and RSI conditions, suggesting further weakness towards the 100-SMA level of $22.45.
However, the quote’s weakness past $22.45 will be challenged by the $22.00 threshold and $21.80 before directing the XAG/USD bears towards the double bottoms around $21.42, marked in September and December.
Alternatively, recovery moves remain elusive until cross the $23.15 hurdle comprising the stated wedge’s lower line and 200-SMA.
Following that, the 50% Fibonacci retracement level of November 15 to the mid-December downside, near $23.40, will probe silver buyers.
To sum up, silver prices are likely to decline towards the yearly low but the holiday season may restrict moves amid thin liquidity.
Silver: Four-hour chart
Trend: Further weakness expected
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