Silver Price Analysis: XAG/USD snaps four-day downtrend as bulls attack $22.30 hurdle

NEW YORK (Feb 8) Silver price (XAG/USD) buyers jostle with the key Exponential Moving Average (EMA) hurdle as the bright metal rebounds from the two-month low to print the first daily gains in five, up 0.60% intraday near $22.30 during early Wednesday.

In doing so, the XAG/USD pokes the 100-EMA while paring the latest losses. However, the bearish MACD signals and the metal’s trading below the previous support line from early December 2022, now a resistance line around $23.05, challenges the Silver buyers.

That said, a clear upside break of the 100-EMA hurdle surrounding $22.30 could quickly propel the quote to the $23.00 round figures before highlighting the support-turned-resistance line near $23.05.

Following that, multiple resistances could challenges Silver buyers near $23.20 and $24.30 ahead of directing the quote toward the monthly high of $24.63.

On the flip side, the 200-EMA and 38.2% Fibonacci retracement level of the metal’s upside from September 2022 to early February 2023 together offers the $22.00-21.95 crucial support.

In a case where Silver remains bearish past $21.95, the 50% and 61.8% Fibonacci retracements, respectively near $21.10 and $20.25, could challenge the XAG/USD bears. Also acting as the downside filter is the $20.00 round figure.

Overall, the Silver price is likely to improve but the bulls are far from taking control back.

FXStreet