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Silver Price Analysis: XAG/USD is at a weekly bottom, and bulls are losing control below $24.00

Daniel Rogers

Jan 18, 2023 14:54

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Silver rebounds from the weekly low reached during Wednesday's Asian session and is currently in neutral zone, just below the $24.00 round-number mark.

 

Technically speaking, the price activity over the past month or so has formed an ascending channel, indicating a short-term positive trend. Moreover, the XAG/USD has been able to maintain a comfortable position above the 200-period SMA on the 4-hour chart. This, in turn, favors bullish traders and enhances the likelihood of further near-term increases.

 

Nevertheless, oscillators on the daily chart have been losing traction, while oscillators on the 4-hour chart have just begun drifting into negative territory. Therefore, any intraday advance is more likely to encounter resistance in the vicinity of $24.30, followed by the multi-month top in the vicinity of $24.50. Before putting further wagers, bulls may wait for persistent strength beyond the aforementioned obstacles.

 

The XAG/USD may then climb to challenge the upper limit of the aforementioned trend channel, which is now located in the vicinity of $24.80-$24.85. Some subsequent buying over the $25.00 psychological level will signal a new breakout and open the way for a near-term advance. This, in turn, might propel the precious metal to the next significant barrier in the vicinity of $25.35-$25.40.

 

On the other side, the 200-period SMA on the 4-hour chart, which is currently approaching $23.45, is expected to safeguard the immediate downside ahead of the trend-channel support near $23.30-$23.25. A convincing break below this level might make the XAG/USD susceptible to further declines below the $23.00 level and to the $22.60-$22.55 support region en route to the $22.10-$22.00 region.


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