Silver Price Analysis: XAG/USD is farther from the multi-month peak; the downside appears restricted.

 

Silver retreats further from a multi-month high and declines for the second day. The configuration still favors bulls and allows some dip-buying to materialize. A decisive breach below the $23.00 confluence is required to contradict the upbeat forecast.

Silver continues to see selling pressure for the second straight day on Thursday, extending the previous day’s retracement decline from an eight-month high. Throughout the first half of the European session, the white metal declined and is presently trading in the $23.80-$23.75 range.

Any further decline from the present levels is expected to encounter some support around the $23.55–$23.50 region. A little follow-through selling will reveal the $23.00 confluence, which consists of the 4-hour chart’s 100-period SMA and an ascending trendline starting from the bottom of November. The handle above ought to serve as a solid foundation and essential pivot point to choose the next leg of a directional move for the Silver Price.

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