Silver Price Analysis: XAG/USD extends pullback from 100-DMA towards $23.00
- Silver Price retreats towards two-month low marked the last week, pressured for the second consecutive day.
- Bearish MACD signals, failure to keep the bounce off $22.70 to lure XAG/USD sellers.
- 200-DMA, ascending trend line from September 2022 on bear’s radar.
- Buyers remain off the table unless the quote crosses April’s low.
Silver Price (XAG/USD) remains depressed around the intraday low surrounding $23.15 during early Tuesday in Asia. In doing so, the bright metal drops for the second consecutive day while keeping the week-start U-turn from the 100-DMA hurdle.
Additionally favoring the Silver sellers are the downbeat MACD signals and the metal’s failure to defend Friday’s strong recovery from the $22.70 mark.
With this, the quote drops towards the $23.00 round figure ahead of revisiting the latest troughs around $22.70.
Following that, the 200-DMA level surrounding the $22.00 will gain the Silver seller’s attention. It’s worth noting, however, that an upward-sloping support line from September 2022, close to $21.00 by the press time, appears the key for the XAG/USD sellers to conquer before taking control.
On the contrary, the Silver Price recovery needs validation from the 100-DMA hurdle of around $23.35, as well as from the $24.00 round figure, ahead of challenging the final post of the XAG/USD bears around $24.50, comprising the monthly low of April.
Should the XAG/USD manage to remain firmer past $24.50, the odds of witnessing a run-up towards the yearly top marked earlier in the month around $26.15 can’t be ruled out.
Silver Price: Daily chart
Trend: Further downside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
