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- Silver Price Analysis: Weekly support line tests XAG/USD sellers above $22.00
Silver Price Analysis: Weekly support line tests XAG/USD sellers above $22.00
- Silver licks its wounds above short-term key support line after the biggest daily fall in two weeks.
- Steady RSI hints at continuation of bearish grind unless crossing $23.00 resistance confluence.
Silver (XAG/USD) stays defensive at around $22.50 during the sluggish Asian session on Friday. In doing so, the bright metal consolidates the latest losses while keeping the bounce off a one-week-old support line.
The XAG/USD prices took a U-turn from 50-SMA and a downward sloping trend line from April 26, currently around $23.00.
The pullback moves gain support from the steady RSI and the lower-high formation to keep sellers hopeful.
Though, a clear downside break of the immediate support line, near $22.30, becomes necessary for the bullion before challenging the weekly bottom of $22.12.
Following that, February’s low around the $22.00 threshold and the yearly trough of $21.95 will be crucial to watch.
Alternatively, recovery moves remain elusive until crossing the $23.00 resistance, a break of which will need validation from the latest swing high near $23.30.
In a case where silver prices remain firmer beyond $23.30, the $24.00 round figure and the 200-SMA level near $24.50 could challenge the buyers.
Silver: Four-hour chart
Trend: Further weakness expected
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