Silver Down By 0.4% Despite The Bulls Pushing For The $23 Mark

Silver has been moving back and forth over the past few trading sessions, but the bulls remain hopeful that the commodity could soon hit the $23 mark.

Silver Is Still Struggling Below $23

Silver, one of the leading commodities in the world, has been underperforming over the past few hours. Its poor performance comes despite the market bulls hopeful that it could cross the $23 mark in the coming hours.

The XAG/USD pair has been struggling around the $23 level over the past few hours. At the moment, XAG is trading at 22.585, down by 0.4% over the past 24 hours. At the moment, XAG could move either way, as it has been doing in recent days.

The $22 mark has served as a strong support level for Silver in recent trading sessions. This has convinced market analysts and experts that XAG could embark on a Bull Run and surpass the $23 resistance level in the coming days.

However, XAG has failed to climb past that level despite the market participants remaining bullish on its performance. If XAG drops below the $22 pivot level, then it could decline further and test the support point at $20. However, unless there is an extended bearish performance, XAG could steer clear of the $18 support level in the coming days.

XAG Could Reach $25 If It Surpasses The $23 Resistance Level

Silver could continue its upward trajectory if it breaks past the $23 resistance level in the coming hours. A move that $23 would pave the way for the XAG/USD pair to surge further and make a run for the $25 resistance level.

However, with the current market performance, it would be tough for XAG to make a run for the $25 resistance level in the coming hours. The haphazard market movement could see XAG stuck between the $22 and $23 points.