Silver Price Analysis: XAG/USD stays on bear's radar around $22.00
- Silver price portrays corrective bounce near 10-week low.
- Clear downside break of weekly trading range, sustained trading below 200-HMA favor XAG/USD sellers.
- Silver buyers should remain cautious unless renewing monthly high.
Silver price (XAG/USD) picks up bids to print a corrective bounce off the 2.5-month low around $22.00 early Friday morning. In doing so, the bright metal braces for the fourth weekly loss despite poking the support-turned-resistance.
That said, the metal’s clear break of the weekly trading range joins successful trading below the 200-Hour Moving Average (HMA) to keep the Silver sellers hopeful. Adding strength to the downside bias could be the reference to the metal’s previous fall after breaking the short-term trading range.
Hence, the XAG/USD rebound appears elusive unless crossing the support-turned-resistance line of the latest trading range, near $22.05 by the press time.
Even if the quote rises past $22.05, it won’t be able to lure the buyers unless clearly crossing the 200-HMA hurdle surrounding $22.90.
It’s worth noting that the XAG/USD run-up beyond $22.90 appears bumpy and hence upside hopes remain elusive until the quote stays below the current monthly high of $24.63.
On the contrary, the latest swing low of around $21.85 precedes the November 24, 2022 swing high near $21.65 to restrict short-term Silver price downside.
Following that, the late November low of $20.58 and the $20.00 psychological magnet will gain the market’s attention.
Overall, the Silver price remains bearish despite the latest rebound.
Silver price: Hourly chart
Trend: Further weakness 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.
