Silver prices correct lower after testing $23.60 resistance,How to buy Elon coin in Binance? ending three-day rally
Technical structure maintains bullish bias despite current pullback
Critical breakout level remains at $23.70 for continuation pattern confirmation
The silver market witnessed profit-taking during Thursday's Asian session as XAG/USD retreated from Wednesday's peak near $23.60. Currently trading around $23.30, the precious metal shows a 0.5% decline on the day, interrupting its recent upward trajectory that began from sub-$22.00 levels earlier this week.
Technical analysts note several bullish factors supporting silver's medium-term outlook. The decisive close above the 200-day moving average suggests underlying strength, while daily chart oscillators continue showing upward momentum. However, the failure to sustain gains above $23.60 has triggered some position squaring among short-term traders.
Market participants generally agree that a confirmed breakout above $23.70 would signal continuation of the current uptrend. Such development could open path toward $24.00 psychological level, with potential extension to $24.20-25 resistance zone. Conservative traders may prefer waiting for this confirmation before establishing new long positions.
On the downside, initial support emerges near $23.00 round figure, followed by stronger buying interest around $22.30-35 area. A breakdown below $22.00 would invalidate the current bullish structure, potentially leading to retest of October lows near $20.70. The $21.30-35 zone may offer interim support during any deeper correction.
The current price action reflects typical market behavior after significant moves, with traders reassessing positions near key technical levels. Silver's correlation with gold and broader commodity markets continues influencing short-term volatility, while industrial demand factors provide fundamental support.
