Silver Price Analysis: XAG/USD slips below $23.00

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• Silver prices dip, unable to hold above key $23.00 level, indicating a possible ongoing downtrend.
• Break below major supports like 200, 50, and 100-day DMAs strengthens bearish outlook for silver.
• Buyer resistance seen at $23.00 and 100-DMA ($23.15); fall below $22.51 may lead to $22.00, $21.93 supports.

Silver price retreated late in the North American session after hitting a daily high of $22.97, though buyers’ failure to reclaim the $23.00 exacerbated the grey metal’s fall to current spot prices. Therefore, the XAG/USD exchanges hands at $22.73, down 0.59%.