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Weekly support line probes XAG/USD bears above $23.00, according to silver price analysis

Daniel Rogers

Dec 06, 2022 14:54

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Prior to Tuesday's European session, the price of silver (XAG/USD) has decreased to $22.35. Despite consolidating the largest daily loss in 10 weeks, the shiny metal is still only moderately bid.

 

It should be observed that the bullish MACD signals pose a threat to the momentum of the quote's downward.

 

Having said that, the failure to break over a one-week-old horizontal resistance region centered around $22.40-45 may be the cause of the bullion's most recent losses.

 

The XAG/USD price's immediate downside is however constrained by an upward-sloping trend line from November 29, near $22.25.

 

The 200-HMA level near $21.90 could serve as the last line of defense for the Silver bulls should the metal fail to hold against immediate support.

 

On the other hand, a break over $22.45 doesn't signal an open invitation to XAG/USD investors as a downward-sloping trend line from Monday limits further gains near $22.55. The 50-HMA level, which is close to $22.75, also serves as an upward barrier.

 

In conclusion, the Silver price is still behind between the 50-HMA and the 200-HMA, but the chances of an increase in price are greater.


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