Silver Price Analysis: XAG/USD sees slight gains amid soft US Dollar

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  • Silver gains 0.15% to $22.60, buoyed by a softer USD despite higher Treasury yields.
  • Indications of bottoming out between $22.15-$22.50, hinting at a potential move towards $23.00.
  • Death cross' suggests bearish outlook; fall below support might aim for January low at $21.93, then $20.69.

Silver price prints minimal gains of 0.15% on Friday even though US Treasury bond yields climbed. Nevertheless, the Greenback remains down, a tailwind for Silver prices, which trade at $22.60 after jumping from a low of $22.37.

XAG/USD is downward biased but has bottomed out at around $22.15-$22.50, which has opened the door for an upward correction. If buyers could lift prices toward $23.00 per troy ounce, that could open the door to test the 100-day Moving Average (DMA) at $23.09, followed by the 50-DMA at $23.26.

On the other hand, a ‘death cross’ formed three days ago on the path of least resistance, a bearish signal that could clear the path for further downside. The next support surfaces at the January 22 low of $21.93, followed by the October 23 pivot low at $20.69.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price 22.61
Today Daily Change 0.03
Today Daily Change % 0.13
Today daily open 22.58
 
Trends
Daily SMA20 22.73
Daily SMA50 23.33
Daily SMA100 23.12
Daily SMA200 23.38
 
Levels
Previous Daily High 22.64
Previous Daily Low 22.14
Previous Weekly High 23.33
Previous Weekly Low 22.4
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.45
Daily Fibonacci 61.8% 22.33
Daily Pivot Point S1 22.27
Daily Pivot Point S2 21.96
Daily Pivot Point S3 21.78
Daily Pivot Point R1 22.76
Daily Pivot Point R2 22.95
Daily Pivot Point R3 23.26

 

 

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