Silver Price Analysis: 50-SMA probes XAG/USD bears near $23.00
- Silver price remains sidelined after confirming bearish chart pattern.
- 100-SMA can offer intermediate halt during theoretical fall signaling fresh monthly low.
- Multiple hurdles to test buyers below, $24.40 acts as the last defense of bears.
Silver price (XAG/USD) seesaws around $23.00 as sellers flirt with the 50-SMA during early Friday, after confirming the rising wedge bearish chart pattern the previous day. Even so, the bright metal prints mild losses after declining the most since December 05 on Thursday.
That said, bearish MACD signals add strength to the downside bias, especially more after the rising wedge confirmation.
As a result, the bight metal remains pressured towards the 100-SMA support of $22.50 despite the latest inaction.
Following that, the monthly low of $22.00 and late November bottom surrounding $20.60 could entertain the XAG/USD bears during the south run to approach the theoretical target of $20.00.
Meanwhile, recovery moves remain elusive unless the quote stays below the aforementioned three-week-old wedge’s lower line, around $23.40 by the press time.
Even so, the weekly resistance line around the $24.00 threshold and the top line of the stated wedge, close to $24.40 by the press time, could challenge the Silver buyers.
In a case where the XAG/USD remains firmer past $24.40, January’s high near $24.70 and the $25.00 could lure the bulls.
Silver: Four-hour chart
Trend: Further downside expected