- The price of Silver is consolidating in a range just above the almost two-week low reached on Wednesday.
- The bears now wait for a break below the support of an ascending trend line before opening new positions.
- Any significant recovery attempt is likely to attract new sellers and remain limited.
The price of Silver (XAG/USD) struggles to gain any significant traction on Thursday and oscillates within a tight range, around $22.50 during the first half of the European session. The white metal remains near a nearly two-week low, around the $22.40 area touched on Wednesday, closely followed by support from an ascending trend line extending from June’s monthly low.
The latter is currently around the $22.35 area, which if broken will be considered a new trigger for the bears and will set the stage for an extension of the recent decline seen over the last week. Since the oscillators on the daily chart remain in negative territory and are still far from being in the oversold zone, XAG/USD could slide to test the next relevant support near the $22.00 level. Some follow-through selling could further accelerate the bearish trajectory towards the intermediate support at $21.25 on the way to the $21.00 level.
On the other hand, the $22.75-$22.80 zone is likely to act as an immediate hurdle before the $23.00 level and the $23.20-$23.25 zone. Below is the 200-day SMA, currently in the $23.45 area, and last week’s high, in the $23.75 area. A convincing break above said barrier should lift XAG/USD to the round $24.00 level en route to the $24.30-$24.35 barrier. Higher up, the bulls could try to reclaim the psychological level of $25.00.
Daily Silver Price Chart
Silver additional 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.
