Silver Price Analysis: XAG/USD hurdles key supports, challenges trendline around $22.70
- Silver continues to sink, after hitting $24.63, so far down 10.41% since last week.
- The XAG/USD is bearishly biased, with sellers eyeing $21.88.
- If Silver buyers reclaim $23.00, upside risks emerge with key resistance levels at the 100 and 200 DMAs.
Silver price (XAG/USD) dives during the North American session, though it remains above a two-month-old support trendline that passes at around the $22.70 area. At the time of writing, the XAG/USD is trading at around $22.74, down by 1.02%.
XAG/USD’s daily chart portrays the grey metal as downward biased but its downtrend stalled at a support level. If sellers would like to challenge the November 13 swing low, they must regain the $22.50 area, followed by the $22.00 per troy ounce figure. That would keep the bears in charge and could open the door to test October’s low of $20.69.
For a bullish resumption, XAG/USD buyers need to reclaim the $23.00 mark and the 50-day moving average (DMA) at $23.09. If those two levels are surpassed, bulls could target the 100 and 200-DMAs, each at $23.22 and $23.50, respectively. Once cleared the $24.00 figure would emerge as the next stop.