Silver Price Analysis: XAG/USD soars above $23.00 on Middle East rising tensions

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  • Silver price jumps from $22.70 to $23.07, testing crucial resistance at 200-DMA of $23.26.
  • A breach of 200-DMA could expose next resistance levels at $23.69 and Bollinger bands top at $23.80.
  • If Silver falls below $23.00, supports are $22.94, $22.44, and 20-day EMA at $22.25.

Silver price jumped above the $23.00 figure bolstered by a risk-off impulse, amidst geopolitical headlines suggesting the Middle East conflict is escalating, as Israel began its ground offensive at the Gaza strip. That said, the XAG/USD rose from $22.70 and is trading at $23.07, gaining more than 1.35%.

The XAG/USD remains downward biased despite rising above the 50-day moving average (DMA) at $22.94, about to test the crucial resistance level at the 200-DMA at $23.26. once that level is cruised, the next ceiling level would be $23.69, the latest cycle high. In a breach of that level, Silver bias would shift to neutral upwards, exposing the top of the Bollinger bands at $23.80,

Conversely, if Silver tumbles below $23.00, that would keep the downtrend in place. The first support would be the 50-DMA at $22.94, followed by the October 26 low of $22.44, before tumbling to challenge the 20-day Exponential Moving Average (EMA) at $22.25.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 23.08
Today Daily Change 0.29
Today Daily Change % 1.27
Today daily open 22.79
 
Trends
Daily SMA20 22.23
Daily SMA50 22.96
Daily SMA100 23.26
Daily SMA200 23.3
 
Levels
Previous Daily High 23.14
Previous Daily Low 22.44
Previous Weekly High 23.7
Previous Weekly Low 22.37
Previous Monthly High 24.82
Previous Monthly Low 22.12
Daily Fibonacci 38.2% 22.71
Daily Fibonacci 61.8% 22.88
Daily Pivot Point S1 22.44
Daily Pivot Point S2 22.1
Daily Pivot Point S3 21.75
Daily Pivot Point R1 23.14
Daily Pivot Point R2 23.49
Daily Pivot Point R3 23.84

 

 

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