Silver price snaps two-day winning streak, renews intraday low of late.
Clear U-turn from 200-DMA, bearish MACD signals hint at XAG/USD’s further downside.
Three-week-old descending resistance line, horizontal area from the last December also challenge Silver buyers.
Six-month-long upward-sloping trend line can restrict XAG/USD downside amid nearly oversold RSI (14).
Silver price (XAG/USD) takes offers to refresh intraday low near $20.90 as it prints the first daily loss in three during early Thursday. In doing so, the bright metal reverses from the 200-DMA amid the bearish MACD signals.
While a pullback from the key moving average and downbeat oscillator hints keep the XAG/USD sellers hopeful, the nearly oversold RSI (14) conditions suggest the quote has limited downside room.
As a result, an ascending support line from early September 2022, around $20.45, becomes crucial to watch for the Silver traders.
It should be noted that the lows marked during early November 2022, as well as on Wednesday, highlight $20.40 as an extra filter towards the south. Additionally, the $20.00 could act as the last defense of the XAG/USD buyers.
Hence, the Silver price is likely to extend the latest downturn but the room towards the south appears limited.
That said, the metal’s recovery moves past the 200-DMA hurdle of $21.00 isn’t an open invitation to the Silver buyers as a downward-sloping resistance line from February 08, close to $21.70 at the latest, could challenge the quote’s further advances.
Above all, the XAG/USD remains on the bear’s radar unless crossing a three-month-old horizontal resistance area surrounding $22.55-60.
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