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Silver Price Analysis: XAG/USD snaps a four-day downtrend as bulls approach the $22.30 resistance level

Alina Haynes

Feb 08, 2023 11:55

截屏2022-06-06 下午5.54.42.png 

 

Silver price (XAG/USD) purchasers tussle with the important Exponential Moving Average (EMA) barrier as the precious metal recovers from a two-month low to post its first daily gains in five sessions, gaining 0.60% intraday near $22.30 on Wednesday morning.

 

In doing so, the XAG/USD touches the 100-exponential moving average while recouping recent losses. Silver buyers are challenged by the bearish MACD signals and the metal's selling below the previous support line from early December 2022, which is now a resistance line around $23.05

 

Nevertheless, a decisive upside breach of the 100-EMA barrier near $22.30 might propel the price fast to $23.00 before exposing the support-turned-resistance line near $23.05

 

Multiple resistances could then confront Silver investors at $23.20 and $24.30 before pushing the price toward the monthly high of $24.63.

 

The 200-EMA and 38.2% Fibonacci retracement level of the metal's uptrend from September 2022 to early February 2023 provide significant support between $22.00 and $21.95.

 

In the event that Silver remains bearish beyond $21.95, the 50% and 61.8% Fibonacci retracements near $21.10 and $20.25 could pose a challenge to the XAG/USD bears. Also serving as a negative filter is the $20.00 round number.

 

Overall, the Silver price is likely to rise, but the bulls are still a long way from regaining control.


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