Silver Price Analysis: XAG/USD retreats towards 100-HMA support above $23.00
- Silver price fades the previous day’s corrective bounce off two-month low.
- Overbought RSI, looming bear cross on MACD adds strength to bearish bias below 200-HMA.
- Fortnight-old resistance line adds to the upside filters; $23.00 acts as extra support .
Silver price (XAG/USD) remains mildly offered around $23.30 amid early Monday as it consolidates the biggest daily gains in nearly two-month, marked the previous day. In doing so, the bright metal also justifies the market’s rush towards the US Dollar even as the policymakers announced the initial agreement on the US debt ceiling extension.
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Also luring the XAG/USD sellers is the RSI (14) line surrounding the overbought territory, as well as the impending bear cross on the MACD indicator.
With this, the Silver Price is all set to test the 100-Hour Moving Average (HMA) support of near $23.20, quickly followed by the $23.00 round figure.
However, the latest swing low of around $22.70, marked the previous day, may challenge the XAG/USD bears afterward.
Meanwhile, the Silver price recovery needs validation from the 200-HMA and a two-week-old descending resistance line, respectively near $23.45 and $23.60.
Even so, the $24.00 threshold and the mid-month swing high of around $24.20 may test the XAG/USD buyers before giving them the control.
Above all, the Silver price remains bearish unless crossing the late April bottom of around $24.50.
To sum up, XAG/USD remains on the bear’s radar even if the commodity sellers lack acceptance of late.
Silver price: Hourly chart
Trend: Further downside expected