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