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Silver Price Analysis: Bullish bias imperiled as $23.00 support is probed by XAG/USD bears

Alina Haynes

Mar 28, 2023 15:06

截屏2022-06-06 下午5.54.42.png

 

The silver price (XAG/USD) accepts bids to renew intraday lows near $23.00 as bears prod short-term key support ahead of Tuesday's European session. In doing so, the precious metal penetrates the lower trend channel line from March 16.

 

Notably, the constant RSI (14) line converges with the 100-Hour Moving Average (HMA) to limit the short-term Silver price decline.

 

If the price breaches the $23.00 support and remains comfortably below the 100-HMA support encircling $22.95 then the XAG/USD bears could challenge the buyers' last line of defense at the $22.50 200-HMA level.

 

In the event that the Silver price remains adverse beyond $22.55, the market will focus on a two-week-long horizontal support area near $21.50.

 

In contrast, recovery advances require confirmation from $23.30 in order to challenge the monthly high of $23.52.

 

After that, the upper line of the previously mentioned bullish channel, which is close to $23.85, could limit the precious metal's further gains. It should be noted that the Silver price increase above $23.85 enables investors to challenge the February highs of around $24.65.

 

In conclusion, the price of silver is likely to fall further, even if the path to the south appears lengthy and rocky.

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