Silver Price Analysis: XAG/USD bears eye 200-week SMA

• Silver remains on the back foot after breaking seven-month-old horizontal support.
• Bearish MACD signals, downbeat RSI keep sellers hopeful.
• September 2019 peak appears tough nut to crack for sellers, corrective pullback needs validation from $22.00.

Silver (XAG/USD) licks its wounds around a recently flashed two-year low, sidelined near $21.30 during Wednesday’s initial Asian session.

The bright metal slumped to the lowest levels since June 2020 the previous day on breaking a horizontal support established from October 2021.

With the RSI and MACD conditions joining the latest support break, silver prices are likely to witness further downside.

That said, the 200-week SMA level surrounding $20.20 appears immediate level on the bear’s radar.

Following that, the $20.00 psychological magnet and September 2019 peak of $19.65 will challenge the further downside.

Alternatively, recovery moves beyond the support-turned-resistance around $21.45 needs validation from a 17-month-long horizontal area near $22.00 to convince buyers.

Silver: Weekly chart

Trend: Bearish