Silver Price Analysis: XAG/USD consolidates below mid-$22.00, bullish potential intact Silver Commodities Technical Analysis XAGUSD Fed
e metal is currently placed around the $22.30 area, just above the weekly low touched the previous day, as traders keenly await the highly-anticipated FOMC policy decision for a fresh impetus.
Looking at the broader picture, the recent price action witnessed over the past three trading sessions constitutes the formation of a rectangle on hourly charts. Against the backdrop of the recent strong recovery from levels just below the $20.00 psychological mark, or the YTD low, this might still be categorized as a bullish consolidation phase before the next leg up.
Moreover, the recent breakout through the $21.65-$21.70 confluence favours bullish traders. Hence, any further slide towards the $22.00 mark could be seen as a buying opportunity and help limit the downside near the said resistance breakpoint, now turned support. This comprises the 200-period Simple Moving Average on the 4-hour chart and the 38.2% Fibo. level, which should now act as a pivotal point.
That said, a convincing break below the latter could expose the $21.00 mark, representing the 23.6% Fibo. level. The XAG/USD might then turn vulnerable to accelerate the decline towards testing the $20.55-$20.50 intermediate support en route to the $20.00 psychological mark. The downward trajectory could get extended further towards the next relevant support near the $19.60 region.
On the flip side, immediate resistance is pegged near the $22.50 area ahead of the multi-week high, around the $20.70 zone set on Monday. This is closely followed by the $22.85 region and the $23.00 mark, which if cleared should pave the way for a move towards the $23.25-$23.35 hurdle. The XAG/USD might eventually aim to reclaim the $24.00 mark and climb further to the multi-month top, around the $24.65 zone touched in February.
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