Silver Price Forecasts: 200-SMA, 61.8% Fibo. probe XAG/USD bears around $23.00 – FXStreet

  • Silver extends pullback from two-week low, justifies weekly support break.
  • Bearish MACD hints at further downside but bears need validation from $23.00.
  • Buyers must cross 38.2% Fibonacci retracement to retake control.

Silver (XAG/USD) prices remain on the back foot for the second consecutive day, following the pullback from the 12-day top.

That said, the bright metal drops 0.60% intraday as bears attack the 200-SMA level near $23.00 by the press time.

Given the sustained break of the weekly support line, now resistance around $23.35, coupled with the bearish MACD signals, silver prices are likely to remain weak.

However, the quote needs to conquer the $23.00 support near the 200-SMA and 61.8% Fibonacci retracement (Fibo.) of early January 2022 upside.

During the quote’s weakness past $23.00, $22.80 and $22.30 may entertain XAG/USD bears before directing them to January’s bottom of $21.95.

On the contrary, an upside clearance of the previous support, near $23.35, isn’t enough for the metal buyer’s welcome as 38.2% Fibo. close to $23.65 becomes an additional upside filter to watch.

Following that, $24.10 and $24.30 may test silver bulls ahead of directing them to the last monthly peak of $24.70.

Silver: Four-hour chart

XAG USD 11022022 637801544652023465

Trend: Further weakness expected

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.