Silver Price Analysis: XAG/USD remains bearish despite reclaiming $23.00

Share:
  • Silver surges over 1% to $23.17, lifted by central bank decisions and declining global bond yields.
  • Testing resistance at 100-DMA, with next targets at 200-DMA and 50-DMA for further gains.
  • Potential downward shifts could push silver towards support at $22.50, $22.00, and January's low.

Silver price rises late in the North American session as traders digest the latest central bank’s decisions across both sides of the Atlantic. The Federal Reserve and the Bank of England held rates unchanged, and both signaled that the likelihood of cutting interest rates increases as the disinflation process evolves. That tumbled global bond yields and boosted precious metals. The XAG/USD exchanges hands at $23.17, up more than 1%.

The XAG/USD is neutrally biased, but as of writing, it is challenging resistance at the 100-day moving average (DMA) at $23.14. A decisive break could open the door to test the 200-DMA at $23.44, followed by the 50-DMA at $23.55. Further upside is seen once that resistance area is cleared at the psychological $24.00 figure.

However. If Silver slumps below $23.00, that could exacerbate a drop toward $22.50, December 13 low, followed by the $22.00 figure. The next buying zone lies at a January 22 low of $21.93.

XAG/USD Price Action – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 23.19
Today Daily Change 0.35
Today Daily Change % 1.53
Today daily open 22.84
 
Trends
Daily SMA20 22.86
Daily SMA50 23.58
Daily SMA100 23.15
Daily SMA200 23.47
 
Levels
Previous Daily High 23.33
Previous Daily Low 22.78
Previous Weekly High 23.03
Previous Weekly Low 21.93
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.99
Daily Fibonacci 61.8% 23.12
Daily Pivot Point S1 22.64
Daily Pivot Point S2 22.44
Daily Pivot Point S3 22.09
Daily Pivot Point R1 23.19
Daily Pivot Point R2 23.53
Daily Pivot Point R3 23.73

 

 

Share: Feed news