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Analysis of the Silver Price: 100-SMA and immediate resistance line probing XAG/USD buyer below $24.00

Daniel Rogers

Feb 01, 2023 15:28

 截屏2022-06-06 下午5.54.42.png

 

During early Wednesday's lethargic Asian session, the silver price (XAG/USD) fluctuates near the mid-$23.00s.

 

In doing so, the precious metal battles to defend yesterday's comeback from $23.00, the first positive day in four, while retreating from the 100-bar Simple Moving Average (SMA), which was approximately $23.70 at the time of publication.

 

The sluggish MACD indications that threaten Tuesday's corrective bounce also give the XAG/USD bears reason for optimism.

 

Notably, the metal's prolonged run-up over the $23.70 barrier may not be enough to satisfy Silver buyers, as a downward-sloping resistance line from January 16 near $23.85 threatens the metal's gains.

 

In addition, the $24.0 round number acts as a barrier to the upside; a breach of this level might accelerate the XAG/USD price to the previous monthly high near $24.55.

 

On the other hand, silver's retracement actions emphasize the $23.00 round number ahead of the previous weekly bottom near $22.75.

 

In the event that XAG/USD bears maintain control beyond $22.75, the December 2022 low around $22.00 will be in focus.

 

Despite recent fails to surpass important short-term obstacles, the Silver price remains on the radar of investors.


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