100-SMA, immediate resistance line probe XAG/USD buyer below $24.00
- Silver price reverses the previous day’s corrective bounce off weekly low.
- Sluggish MACD signals, multiple failures to cross the two-week-old descending trend line favor bears.
- XAG/USD buyers need to portray successful trading beyond $24.00.
Silver price (XAG/USD) remains sidelined near the mid-$23.00s amid early Wednesday’s sluggish Asian session.
In doing so, the bright metal struggles to defend the previous day’s rebound from $23.00, the first positive day in four, while retreating from the 100-bar Simple Moving Average (SMA), around $23.70 by press time.
Also keeping the XAG/USD bears hopeful are the sluggish MACD signals that challenge Tuesday’s corrective bounce.
It’s worth noting that the metal’s sustained run-up beyond the $23.70 hurdle may not convince the silver buyers as a downward-sloping resistance line from January 16, near $23.85 at the latest, challenges the metal’s advances.
Additionally, acting as an upside filter is the $24.0 round figure, a break of which could quickly propel the XAG/USD price towards the previous monthly peak near $24.55.
On the flip side, Silver’s pullback moves again highlight the $23.00 round figure ahead of the previous weekly low near $22.75.
In a case where XAG/USD bears keep the reins past $22.75, December 2022 bottom surrounding $22.00 will be in focus.
Overall, Silver price remains on the buyer’s radar despite the latest failures to cross short-term key hurdles.
Silver price: Four-hour chart
Trend: Slow recovery expected