Silver Price Analysis: XAG/USD surged back above $23.70 as bulls target $24.00

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  • Silver soared more than 4%, after bouncing off the daily lows of $22.51.
  • Fed’s decision to ease monetary policy in 2024, weakened the Greenback.

Silver price stages a comeback after sliding for seven straight days as the Federal Reserve pivots toward easing monetary policy, a tailwind for the grey metal, set to make a U-turn in the week. At the time of writing, the XAG/USD is trading at $23.79 after rallying more than 4% on Wednesday.

XAG/USD has shifted neutral to upward bias after reclaiming the 50, 100, and 200-day moving averages (DMAs), on its way toward the current price. A breach of the $24.00 figure could pave the way to test the August 30 swing high at $25.00, before launching an assault toward the May 10 swing high at $25.91.

On the other hand, if Silver sellers drag prices below the 200-DMA at around $23.55, the non-yielding metal could dive towards the 50-DMA at $23.24, before slumping toward the 100-DMA at $23.19.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 23.81
Today Daily Change 1.05
Today Daily Change % 4.61
Today daily open 22.76
 
Trends
Daily SMA20 24.01
Daily SMA50 23.14
Daily SMA100 23.22
Daily SMA200 23.51
 
Levels
Previous Daily High 23.16
Previous Daily Low 22.69
Previous Weekly High 25.92
Previous Weekly Low 22.94
Previous Monthly High 25.27
Previous Monthly Low 21.88
Daily Fibonacci 38.2% 22.87
Daily Fibonacci 61.8% 22.98
Daily Pivot Point S1 22.58
Daily Pivot Point S2 22.4
Daily Pivot Point S3 22.12
Daily Pivot Point R1 23.05
Daily Pivot Point R2 23.33
Daily Pivot Point R3 23.51

 

 

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