XAG/USD manages to hold above multi-month ascending trend-line support

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<li><strong>Silver consolidates in a range just above a nearly two-week low touched on Wednesday.</strong></li>
<li><strong>Bears now await a break below an ascending trend-line support before placing fresh bets.</strong></li>
<li><strong>Any meaningful recovery attempt is more likely to attract fresh sellers and remain capped.</strong></li>
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<p><a href="https://www.fxstreet.com/rates-charts/xagusd">Silver</a> struggles to gain any meaningful traction on Thursday and oscillates in a narrow band, around mid-$22.00s through the first half of the European session. The white metal remains well within the striking distance of a nearly two-week low, around the $22.40 region touched on Wednesday, which is closely followed by an ascending trend line support extending from the June monthly low.</p>
<p>The latter is currently pegged around the $22.35 area, which if broken will be seen as a fresh trigger for bearish traders and set the stage for an extension of the recent downfall witnessed over the past week or so. Given that oscillators on the daily <a href="https://www.fxstreet.com/rates-charts/chart">chart</a> are holding deep in the negative territory and are still far from being in the oversold zone, the XAG/USD might then slide to test the next relevant support near the $22.00 round-figure mark. Some follow-through selling could accelerate the downward trajectory further towards the $21.25 intermediate support en route to the $21.00 level.</p>
<p>On the flip side, the $22.75-$22.80 region is likely to act as an immediate hurdle ahead of the $23.00 mark and the $23.20-$23.25 zone. This is closely followed by the very important 200-day Simple Moving Average (SMA), currently around the $23.45 region and last week’s swing high, around the $23.75 area. A convincing break through the said barrier should lift the XAG/USD to the $24.00 round figure en route to the $24.30-$24.35 barrier. Bulls might eventually aim to reclaim the $25.00 psychological mark.</p>
<h2>Silver daily chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638314869584045851.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638314869584045851.png" style="width: 650px; height: 339px;" /></a></p>
<h3>Technical levels to watch</h3>
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<br /><a href="https://www.fxstreet.com/news/silver-price-analysis-xag-usd-manages-to-hold-above-multi-month-ascending-trend-line-support-202309280836">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-manages-to-hold-above-multi-month-ascending-trend-line-support.html">XAG/USD manages to hold above multi-month ascending trend-line support</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>