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XAGUSD NEWS : Silver Price Analysis XAGUSD stays on bear’s radar around $22.00

XAGUSD NEWS

XAGUSD NEWS : Silver Price Analysis XAGUSD stays on bear’s radar around $22.00

  • Silver price portrays corrective bounce near 10-week low.
  • Clear downside break of weekly trading range, sustained trading below 200-HMA favor XAG/USD sellers.
  • Silver buyers should remain cautious unless renewing monthly high.

XAGUSD NEWS : Silver price XAG/USD picks up bids to print a corrective bounce off the 2.5-month low around $22.00 early Friday morning. In doing so, the bright metal braces for the fourth weekly loss despite poking the support-turned-resistance.

That said, the metal’s clear break of the weekly trading range joins successful trading below the 200-Hour Moving Average (HMA) to keep the Silver sellers hopeful. Adding strength to the downside bias could be the reference to the metal’s previous fall after breaking the short-term trading range.

Hence, the XAG/USD rebound appears elusive unless crossing the support-turned-resistance line of the latest trading range, near $22.05 by the press time.

XAGUSD NEWS : Even if the quote rises past $22.05, it won’t be able to lure the buyers unless clearly crossing the 200-HMA hurdle surrounding $22.90.

It’s worth noting that the XAG/USD run-up beyond $22.90 appears bumpy and hence upside hopes remain elusive until the quote stays below the current monthly high of $24.63.

On the contrary, the latest swing low of around $21.85 precedes the November 24, 2022 swing high near $21.65 to restrict short-term Silver price downside.

Following that, the late November low of $20.58 and the $20.00 psychological magnet will gain the market’s attention.

Overall, the Silver price remains bearish despite the latest rebound.

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