XAG/USD Continues to Trade With Modest Gains Below $23.00

silver analysis

Silver attracts some buyers near the 100-hour Simple Moving Average (SMA) on Thursday and reverses a major part of its losses recorded the previous day; The white metal, however, struggles to make it through the 38.2% Fibonacci retracement level of the last week’s downfall and trades around the $22.75-$22.80 region, up over 0.40% for the day during the first half of the European session.

From a technical perspective, the XAG/USD this week struggles to find acceptance above the $23.00 mark and faced rejection just ahead of the 50% Fibo. level. The subsequent downfall, however, stalls near the $22.55 confluence, comprising the 100-hour SMA and the 23.6% Fibo. level. The said ares should now act as a pivotal point, which if broken decisively will be seen as a fresh trigger for bearish traders. The XAG/USD might slide back to retest the multi-month low, around the $22.10 region touched last week.

Some follow-through selling below the $22.00 mark should pave the way for deeper losses and accelerate the fall further towards the $21.70-$21.65 zone. The downward trajectory could get extended further towards the next relevant support near the $21.25 region before the XAG/USD eventually drops to the $21.00 round figure.

On the flip side, any further intraday move up might continue to confront stiff resistance near the $23.00 mark, or 200-hour SMA. This is closely followed by the 50% Fibo., around the $23.15 region, and the $23.40 area, or the 61.8% Fibo. A convincing break through the latter will confirm that the XAG/USD has formed a near-term bottom just ahead of the $22.00 mark and trigger a fresh bout of a short-covering rally. This should pave the for some meaningful appreciating move and lift the white metal to the $23.65-$23.70 hurdle.

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