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- Silver Price Forecasts: 200-SMA, 61.8% Fibo. probe XAG/USD bears around $23.00
Silver Price Forecasts: 200-SMA, 61.8% Fibo. probe XAG/USD bears around $23.00
- Silver extends pullback from two-week low, justifies weekly support break.
- Bearish MACD hints at further downside but bears need validation from $23.00.
- Buyers must cross 38.2% Fibonacci retracement to retake control.
Silver (XAG/USD) prices remain on the back foot for the second consecutive day, following the pullback from the 12-day top.
That said, the bright metal drops 0.60% intraday as bears attack the 200-SMA level near $23.00 by the press time.
Given the sustained break of the weekly support line, now resistance around $23.35, coupled with the bearish MACD signals, silver prices are likely to remain weak.
However, the quote needs to conquer the $23.00 support near the 200-SMA and 61.8% Fibonacci retracement (Fibo.) of early January 2022 upside.
During the quote’s weakness past $23.00, $22.80 and $22.30 may entertain XAG/USD bears before directing them to January’s bottom of $21.95.
On the contrary, an upside clearance of the previous support, near $23.35, isn’t enough for the metal buyer’s welcome as 38.2% Fibo. close to $23.65 becomes an additional upside filter to watch.
Following that, $24.10 and $24.30 may test silver bulls ahead of directing them to the last monthly peak of $24.70.
Silver: Four-hour chart
Trend: Further weakness expected
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