Silver Price Analysis: Weekly support line probes XAG/USD bears above $23.00

NEW YORK (Dec 6) Silver price (XAG/USD) retreats to $22.35 heading into Tuesday’s European session. Even so, the bright metal remains mildly bid while consolidating the biggest daily loss in 10 weeks, marked the previous day.

It should be noted that the bullish MACD signals challenge the quote’s downside momentum.

That said, the bullion’s latest losses could be linked to the failure to cross a one-week-old horizontal resistance area surrounding $22.40-45.

However, an upward-sloping trend line from November 29, near $22.25, restricts the immediate downside of the XAG/USD price.

Should the metal breaks immediate support, the 200-HMA level surrounding $21.90, could act as the last defense of the Silver bulls.

On the contrary, an upside break of $22.45 isn’t an open welcome to the XAG/USD buyers as a downward-sloping trend line from Monday restricts immediate upside near $22.55. Also acting as an upside hurdle is the 50-HMA level near $22.75.

FXStreet