Silver Price Analysis: XAG/USD recovers slightly, though meanders at around $23.00

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  • Silver price rebounds modestly after hitting lows of $22.69, battling against high US Treasury yields.
  • Neutral outlook persists despite drop below key DMAs, with potential recovery to $23.00 and beyond in sight.
  • Bearish shift could see Silver testing support at $22.51, with further downside risk towards $21.88.

Silver price pared its earlier losses and gathered momentum late during Thursday’s North American session, up by a minuscule 0.08%, after bouncing off daily/weekly lows of $22.69 amid high US Treasury bond yields. At the time of writing, XAG/USD exchanges hands at $22.98.

The grey metal remains neutral biased, despite slumping below the convergence of the 200, 50, and 100-day moving averages (DMAs). That exacerbated Silver’s fall from around $24.00 to the $22.60s area.

As of writing, XAG/USD is forming a ‘dragonfly doji,’ suggesting that sellers are losing momentum, which means, if XAG’s buyers step In, they could regain the $23.00 psychological level. In that outcome, the next resistance would be the 100-DMA at $23.29, followed by the 50-DMA at $23.65. Up next is the 200-DMA at $23.65.

If Silver’s sentiment shifts bearish, the first support would be the December 13 cycle low of $22.51 before nosediving toward the November 13 swing low of $21.88.

XAG/USD Price Action – Daily Chart

XAG/USD Key Technical Levels

XAG/USD

Overview
Today last price 23
Today Daily Change -0.02
Today Daily Change % -0.09
Today daily open 23.02
 
Trends
Daily SMA20 23.79
Daily SMA50 23.66
Daily SMA100 23.31
Daily SMA200 23.67
 
Levels
Previous Daily High 23.73
Previous Daily Low 22.84
Previous Weekly High 24.49
Previous Weekly Low 23.54
Previous Monthly High 25.92
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 23.18
Daily Fibonacci 61.8% 23.39
Daily Pivot Point S1 22.66
Daily Pivot Point S2 22.31
Daily Pivot Point S3 21.78
Daily Pivot Point R1 23.55
Daily Pivot Point R2 24.09
Daily Pivot Point R3 24.44

 

 

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