Silver Price Analysis: XAG/USD steadies above $23.25 support confluence

• Silver consolidates the biggest daily fall in three weeks.
• 100-DMA, fortnight-old support line restricts short-term declines amid firmer MACD.
• 61.8% Fibonacci retracement, 200-DMA act as strong resistances.

Silver (XAG/USD) prices remain sidelined around $23.35-40 during a quiet Asian session on Wednesday.

In doing so, the bright metal keeps the previous day’s bounce off the 100-DMA and ascending support line from February 03 amid the bullish MACD signals.

However, a daily closing beyond the 61.8% Fibonacci retracement (Fibo.) of November-December downside, around $23.90, will be crucial to convince the buyers.

Also challenging the XAG/USD upside is the 200-DMA level surrounding $24.30, a break of which will challenge January’s high of $24.70.

Alternatively, a daily closing below the 100-DMA and support line’s convergence, near $23.25, will convince silver sellers to attach the $23.00 threshold.

Following that, $22.60 and the monthly low of $22.00 may entertain XAG/USD bears ahead of directing them to the late 2021 trough close to $21.40.

Silver: Daily chart

Trend: Further recovery expected