Silver Price Analysis: XAG/USD prints slight gains yet remains below $23.00

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  • Silver rises slightly to $22.99, supported by lower US Treasury yields and a weaker Dollar, boosting demand for precious metals.
  • Facing technical resistance at $23.13-15, with the 200-DMA at $23.28 posing a major obstacle for further gains.
  • Downside risk if silver breaches $23, eyeing February's lows; success above immediate resistances critical for upward momentum.

Silver clings to minuscule gains late in the New York session on Tuesday, up 0.04%, and is trading at around $22.99 a troy ounce. Falling US Treasury bond yields and the Greenback are the main catalysts for the rise in precious metals, while technical resistance levels capped the XAG/USD upside.

XAG/USD rose briefly toward the confluence of the 50 and 100-day Moving Averages (DMAs) at around $23.13-15 during Tuesday’s session but failed to challenge the 200-DMA at $23.28. As a ‘dark cloud cover’ looms, bears dragged Silver’s price below $23.00, which could open the door to test the February 18 low of $22.80. A breach of the latter will accelerate the downtrend towards the February 15 low of $22.35, followed by the $22.00 figure.

Conversely, if buyers reclaim $23.15, that will open the door for further gains. The first resistance would be the 200-DMA at $23.28, followed by the current year-to-date (YTD) high at $24.09.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price 23
Today Daily Change 0.02
Today Daily Change % 0.09
Today daily open 22.98
 
Trends
Daily SMA20 22.72
Daily SMA50 23.15
Daily SMA100 23.13
Daily SMA200 23.31
 
Levels
Previous Daily High 23.46
Previous Daily Low 22.94
Previous Weekly High 23.5
Previous Weekly Low 21.93
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 23.14
Daily Fibonacci 61.8% 23.26
Daily Pivot Point S1 22.79
Daily Pivot Point S2 22.61
Daily Pivot Point S3 22.28
Daily Pivot Point R1 23.31
Daily Pivot Point R2 23.64
Daily Pivot Point R3 23.83

 

 

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