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15 Mar 2023

Silver Price Analysis: XAG/USD stays mildly bid within $0.40 trading range below $22.00

  • Silver price prints minor gains inside immediate trading range established from Monday.
  • 200-EMA, three-week-old horizontal resistance restricts short-term XAG/USD moves.
  • RSI’s retreat from overbought territory, looming bear cross on MACD lure the Silver sellers.
  • Road towards the south appears bumpier; bulls need validation from $22.60.

Silver price (XAG/USD) eases to $21.70 as it pares the intraday gains heading into Wednesday’s European session. In doing so, the bright metal defends a three-day-old trading range even as the bearish signals have recently gained momentum.

That said, the 200-bar Exponential Moving Average (EMA) puts a floor under the XAG/USD price of around $21.60 while a three-week-long horizontal line, around $22.00, restricts the metal’s short-term upside since the last Monday.

It should, however, be noted that the RSI line, placed at 14, eases from the overbought territory and joins the impending bear cross on the MACD signals to tease the Silver sellers.

A horizontal support comprising multiple levels marked since February 17, close to $21.20, could lure the XAG/USD bears on the break of $22.00.

In a case where the bullion remains bearish past $21.20, a fortnight-long broad support zone between $20.30 and $20.40, could challenge the sellers.

Alternatively, a clear upside break of the $22.00 hurdle will need validation from multiple tops marked during early February around $22.60 to convince the Silver buyers.

Overall, the Silver price remains sidelined but the bears are lurking behind the immediate support.

Silver price: Four-hour chart

Trend: Limited downside expected

 

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