XAG/USD bears are on a test around $23.50 – Crypto News – Crypto News
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XAG/USD maintains a large top, further downside ahead – Credit Suisse XAG/USD maintains a large top, further downside ahead – Credit Suisse

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XAG/USD bears are on a test around $23.50 – Crypto News

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3 years ago

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  • Silver price remains pressured around one-month-old ascending support line.
  • The Fortnight-long horizontal region, the 100-SMA, adds to the immediate downside filters.
  • Bearish MACD signals keep sellers hopeful but further declines hinge on $23.35 breakdown.
  • Bulls need validation from $24.30 to retake control.

Silver price (XAG/USD) stays depressed around $23.55 as bears poke the monthly support line during early Thursday. It’s worth noting that the bright metal dropped the most in two weeks the previous day.

Given the metal’s sustained downside break of the previous support line from December 16 and the bearish MACD signals, the XAG/USD price is likely to break the immediate support line close to $23.50.

However, a two-week-old horizontal area comprising the 100-SMA, between $23.35 and $23.45, appears a tough nut to crack for the silver bears.

Should the commodity price break the $23.35 support, the odds of witnessing a slump to $23.00 cannot be ruled out.

Following that, the mid-month swing low of $22.55 and the monthly bottom around $22.00 will gain the market’s attention.

Meanwhile, recovery moves may initially aim for the two-wee-old support-turned-resistance line near the $24.00 round figure before eyeing the double tops surrounding $24.30.

It should be noted, however, that the XAG/USD run-up beyond $24.30 won’t hesitate to poke the $25.00 round figure. Though, April’s top around $26.25 could challenge the Silver buyers afterwards.

Overall, the Silver price is likely to remain bearish but the quote’s further downside hinges on a $23.35 breakdown.

Silver: Four-hour chart

Trend: Further weakness expected

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