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Silver Price Analysis: The XAG/USD pair appears susceptible as it consolidates in a range below $22.00

Alina Haynes

Feb 22, 2023 15:11

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Silver struggles to get traction on Wednesday and trades in a limited range during the early European session. The precious metal stays below the $22.00 round-number level, and the technical setup continues to favor bearish traders.

 

The aforementioned handle corresponds with the 100-day Simple Moving Average (SMA) and limits the recovery from the YTD low, which was reached last Friday in the $21.20-$21.15 range. In addition, oscillators on the daily chart are firmly entrenched in bearish area, lending credence to the dismal forecast for the immediate future. This shows that the path of least resistance for the XAG/USD pair is down.

 

However, sustained purchasing above the 38.2% Fibonacci retracement level of the recent rise from October 2022, around the $22.15 area, could negate the negative bias and spark a short-covering rally. The XAG/USD could then accelerate into the $22.55-$22.60 supply zone en way to the $23.00 mark or the 61.8% Fibo. level, which could cap any further bullish advance.

 

In contrast, the 50% Fibo. level, located in the vicinity of $21.35, appears to operate as immediate support ahead of Friday's swing low, which is around the $21.20-$21.15 range. A decisive breach below $21.00 might send the XAG/USD to the $20.60 area. The downward trend might extend toward the $20.00 psychological level and the next significant support near the $19.75-$19.70 zone.



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