Silver Price Analysis: XAG/USD gains modestly but is not out of the woods

Share:
  • Silver edges up 0.25% to $22.538, with eyes on upcoming US inflation data.
  • Break above $22.73 could aim for $23.00, facing resistance at 100 and 200-DMAs.
  • XAG/SD risk of a drop below $22.20, with $21.93 as critical next support.

Silver price prints modest gains in the mid-North American session, as US Treasury bond yields drop sharply, as traders await next week’s inflation report out of the United States. At the time of writing, XAG/USD exchanges hands at $22.538, up 0.25%.

The non-yielding metal stays reluctant to crack below the $22.20 area for the second straight day as buyers lift XAG/USD toward the $22.50 area. Nevertheless, failure to conquer that level could keep Silver prices range-bound within the $22.00-$22.50 area ahead of crucial data.

If buyers extend their gains past the February 5 high at $22.73, that will open the way to challenge $23.00. Further upside levels emerge with the 100-day moving average (DMA) at $23.12 and the confluence of the 200 and 50-DMA at $23.40.

On the other hand and the path of least resistance, if sellers emerge and push prices below $22.20, look for a challenge of the January 22 year-to-date (YTD) low of $21.93.

XAG/USD Price Action – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 22.41
Today Daily Change 0.05
Today Daily Change % 0.22
Today daily open 22.36
 
Trends
Daily SMA20 22.8
Daily SMA50 23.49
Daily SMA100 23.15
Daily SMA200 23.43
 
Levels
Previous Daily High 22.75
Previous Daily Low 22.24
Previous Weekly High 23.33
Previous Weekly Low 22.4
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.44
Daily Fibonacci 61.8% 22.56
Daily Pivot Point S1 22.15
Daily Pivot Point S2 21.94
Daily Pivot Point S3 21.64
Daily Pivot Point R1 22.66
Daily Pivot Point R2 22.96
Daily Pivot Point R3 23.17

 

 

Share: Feed news