Silver Price Analysis: XAG/USD rallies toward $23.00 shy of 100-DMA

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  • Silver jumps over 2.50%, as lower US bond yields boost appeal.
  • Potential 'morning star' formation hints at upside if silver surpasses the $22.94 mark.
  • Resistance at $23.08-$23.13 and support at $22.45 and $22.00 critical for next moves.

Silver price surged sharply in Thursday’s session after hitting a daily low of $22.35, as US Treasury bond yields plunged, a tailwind for the grey metal. The XAG/USD trades at $22.92, up by more than 2.50%, with traders eyeing a break of stir resistance.

XAG/USD Price Analysis: Technical outlook

XAG/USD remains neutral to downward bias because it remains below the 100, 50, and 200-day moving averages (DMAs). Nevertheless, a daily close above the February 13 high of $22.94 would form a ‘morning star,’ opening the door for further upside. If buyers reclaim the $23.00 figure, that will open the door to challenge the confluence of the 100 and 50-DMA at around $23.08-$23.13. A breach of the latter, the next stop would be the 200-DMA at $23.29.

Conversely, if the non-yielding metal remains below $23.00, the first support emerges at the February 14 high at $22.45. Once cleared, the next support would be the $22.00 figure, followed by the February 14 at $21.94.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 22.92
Today Daily Change 0.58
Today Daily Change % 2.60
Today daily open 22.34
 
Trends
Daily SMA20 22.63
Daily SMA50 23.16
Daily SMA100 23.1
Daily SMA200 23.32
 
Levels
Previous Daily High 22.46
Previous Daily Low 21.93
Previous Weekly High 22.75
Previous Weekly Low 22.14
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.26
Daily Fibonacci 61.8% 22.13
Daily Pivot Point S1 22.03
Daily Pivot Point S2 21.72
Daily Pivot Point S3 21.51
Daily Pivot Point R1 22.56
Daily Pivot Point R2 22.77
Daily Pivot Point R3 23.08

 

 

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