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Rising wedge confirmation lures XAG/USD bears towards $22.00, according to Silver Price Analysis

Daniel Rogers

Mar 22, 2023 14:43

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Silver price (XAG/USD) remains depressed around $22.30, circling intraday lows during a three-day downtrend entering Wednesday's European session.

 

The recent decline of the precious metal may be attributable to the affirmation of a two-week-old rising wedge bearish chart pattern and the bearish MACD signals.

 

Consequently, the price is poised to test the 200-Simple Moving Average (SMA) support level near $21.50 before falling to its theoretical target of $17.10.

 

Notably, the swing high from late February and the current monthly low, respectively $22.00 and $19.90, can serve as additional downside filters during the XAG/USD's continued decline.

 

In contrast, the wedge's lower line functions as immediate resistance for the Silver price near $22.70.

 

The 61.8% Fibonacci retracement of the metal's February-March decline, also known as the "golden Fibonacci ratio," could then challenge Silver purchasers near $22.85.

 

In the event that the XAG/USD remains firmer than $22.85, the top line of the aforementioned bearish chart pattern will join the late January swing low to emphasize $23.00 as a formidable barrier for the Silver bulls to overcome before regaining control.


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