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Silver Price Analysis: XAG/USD struggles above $23.00, sellers await 200-SMA break
Abstract：In doing so, the bright metal steps back from a two-week high, flashed the previous day, by justifying the strength of a one-month-old horizontal resistance area surrounding $23.25.
Silver retreats from monthly resistance, snaps four-day uptrend.
RSI conditions hints at buyers exhaustion, three-week-old horizontal line adds to the upside filters.
Silver (XAG/USD) consolidates recent gains around $23.20, down 0.26% intraday during Thursdays Asian session.
Also challenging the XAG/USD bulls are the RSI conditions that dont back the recent highs.
Even so, silver sellers need to wait for a clear downside break of the 200-SMA level of $23.00 for fresh entries.
Following that, 61.8% Fibonacci retracement (Fibo.) of December-January upside, close to $22.65, may test the XAG/USD bears before directing them to the five-week-old support area near $22.00.
Meanwhile, recovery moves beyond the immediate hurdle around $23.25 isnt a green card to the silver buyers as a horizontal line from January 18, near $23.65, will challenge the upside moves to the $24.00 threshold.
Should XAG/USD remains firm past $24.00, its run-up towards January‘s high of $24.70 can’t be ruled out.
Silver: Four-hour chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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