Silver Price Analysis: Rising wedge confirmation backs XAG/USD bears below $23.00

• Silver prices remain pressured around confirming a bearish chart pattern.
• Downbeat oscillators also direct sellers towards 100-SMA.
• 200-SMA adds strength to the $23.15 resistance levels.

Silver (XAG/USD) drops 0.23% intraday to $22.77 during early Thursday in Asia.

The bright metal declined the most in two weeks the previous while confirming a sustained break of the short-term rising wedge bearish formation on the four-hour (4H) play.

The bearish bias also takes clues from the MACD and RSI conditions, suggesting further weakness towards the 100-SMA level of $22.45.

However, the quote’s weakness past $22.45 will be challenged by the $22.00 threshold and $21.80 before directing the XAG/USD bears towards the double bottoms around $21.42, marked in September and December.

Alternatively, recovery moves remain elusive until cross the $23.15 hurdle comprising the stated wedge’s lower line and 200-SMA.

Following that, the 50% Fibonacci retracement level of November 15 to the mid-December downside, near $23.40, will probe silver buyers.

To sum up, silver prices are likely to decline towards the yearly low but the holiday season may restrict moves amid thin liquidity.

Silver: Four-hour chart

Trend: Further weakness expected