Silver Price Analysis: XAG/USD Slipped Below $23.00

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Silver prices dipped on Friday, unable to hold above the key $23.00 level, indicating a possible ongoing downtrend.
A break below major support levels like the 200-, 50-, and 100-day DMAs could strengthen the bearish outlook for silver.
Buyer resistance was seen at the $23.00 level and the 100-DMA at $23.15. A fall below the $22.51 level could lead to the support levels of $22.00 and $21.93.

The price of silver retreated late in the North American session on Friday after hitting a daily high of $22.97, though buyers' failure to reclaim the $23.00 level exacerbated the grey metal’s fall to recent spot prices. The XAG/USD duo was seen exchanging hands at around $22.73, down approximately 0.59%.

After printing three straight positive days, silver retraced below the $23.00 mark, resuming its ongoing downtrend after sellers dragged prices below key support levels, such as the 200-, 50-, and 100-day daily moving averages.

Even though the XAG/USD pair appeared to be edging low as a ‘bearish harami’ chart pattern emerged, it still would need to surpass the Dec. 13 swing low of $22.51 to challenge the $22.00 figure. The next area of demand below that level would be the January low at $21.93.

On the flip side, buyers appeared to be eyeing the $23.00 handle and the 100-DMA at $23.15 as immediate resistance levels in the near-term. If those levels were to be cleared, the next resistance would emerge at the 200-DMA at $23.48.