Silver Price Analysis: XAG/USD flirts with daily low near $23.00, bullish bias remains

  • The late Friday decline in silver prices from its highest point since early February continues.
  • The technical set-up favours the possibility of some dip-buying emerging.
  • The optimistic view would be destroyed by a convincing break below the $22.00 level.

On the opening day of a new week, silver is under some selling pressure and declines from its best level since February 3, which was in the mid-$23.00 range achieved on Friday. Throughout the early European session, the white metal holds its offering tone and is currently edging close to the daily bottom, at about $23.00 in round figures.

A prolonged breach and acceptance above the 61.8% Fibonacci retracement level of the most recent decline from a multi-month peak last week favours bullish traders from a technical standpoint. Moreover, oscillators on the daily chart are holding steadily in the positive zone and support the optimistic setup. So, any further decline is more likely to find solid support close to the mentioned resistance breakpoint, about in the $22.80 area.