December 11, 2023

XAG/USD stays mildly offered near $23.00 inside weekly triangle

  • Silver fades the previous day’s rebound, eases from intraday top.
  • 20-SMA guards immediate upside, 100-SMA adds strength to the triangle’s support.
  • Steady Momentum, key technical hurdles hint at further sideways grind of the metal.

Silver (XAG/USD) consolidates the previous day’s gains around $23.00, down 0.12% intraday, during Wednesday’s Asian session.

In doing so, the bright metal eases from 20-SMA while staying inside a one-week-old symmetrical triangle.

Given the steady Momentum line and continuation chart pattern, XAG/USD is likely to grind for the short term.

That said, the latest pullback from the 20-SMA can drag the quote towards $22.90 nearby support. However, a convergence of the stated triangle’s support line and 100-SMA, around $22.60, offers a tough nut to crack for the silver bears.

Alternatively, an upside clearance of the 20-SMA level of $23.06 will direct XAG/USD bulls towards the triangle’s resistance line of $23.25.

In a case where silver buyers keep reins past $23.25, highs marked on November 29 and December 28, around $23.45, will be crucial to watch.

Silver: Four-hour chart

Trend: Pullback expected


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