- Silver declines, unable to hold above the key $23.00 level, indicating a possible ongoing downtrend.
- The break below major supports such as the 200, 50, and 100-day DMA reinforces the bearish outlook for silver.
- Resistance is at $23.00 and the 100-DMA ($23.15); A fall below $22.51 can take Silver to the supports of $22.00, $21.93.
The price of Silver fell late in the North American session after reaching a daily high of $22.97, although the failure of buyers to recover $23.00 aggravated the gray metal's fall to the current price. Therefore, the XAG/USD It trades at $22.73, losing 0.59%.
After having three consecutive positive days, Silver retreated below $23.00, resuming its ongoing downtrend after sellers dragged prices below key support levels such as the 200, 50, and 100 moving averages. days (DMAs). Even though . The next demand zone below that level would be the January 55 low at $21.93.
On the other hand, buyers are targeting the $23.00 area and the 100-DMA at $23.15 as immediate short-term resistance levels. Once these levels are broken, the next resistance will be the 200-DMA at $23.48.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
