Silver Price Analysis: XAG/USD hovers above the 200-DMA as buyers gather momentum

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  • Silver price tests 200-day simple moving average at $23.38, with daily low/high of $22.88/$23.69.
  • For bullish continuation, silver buyers must keep prices above 200-DMA to challenge the $24.00 area.
  • If XAG/USD drops below 200-DMA, next support levels are at $23.00, $22.91 (50-DMA), and $22.19 (20-DMA).

Silver price gathers steam and tests the 200-day moving average (DMA) at $23.38 at the time of writing. The XAG/USD hit a daily low/high of $22.88 and $23.69 per troy ounce, but as the Greenback (USD) pares some of its earlier losses, the non-yielding metal struggles to stay above the 200-DMA.

From a technical perspective, as the XAG/USD approached the September 22 high at $23.76, price action was rejected shy of the $23.70 area, as the white metal hit a daily/weekly high before reversing its course above the 200-DMA. For a bullish continuation, Silver buyers must keep prices above the latter to challenge the $24.00 area, but first, they must breach the latest cycle mentioned above.

On the flip side, if XAG/USD drops below the 200-DMA, the next floor would emerge at the $23.00 mark, followed by the 50-DMA at $22.91, and the 20-DMA at $22.19.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 23.39
Today Daily Change 0.31
Today Daily Change % 1.34
Today daily open 23.08
 
Trends
Daily SMA20 22.22
Daily SMA50 22.92
Daily SMA100 23.3
Daily SMA200 23.33
 
Levels
Previous Daily High 23.09
Previous Daily Low 22.64
Previous Weekly High 22.82
Previous Weekly Low 21.57
Previous Monthly High 24.82
Previous Monthly Low 22.12
Daily Fibonacci 38.2% 22.92
Daily Fibonacci 61.8% 22.81
Daily Pivot Point S1 22.79
Daily Pivot Point S2 22.49
Daily Pivot Point S3 22.34
Daily Pivot Point R1 23.23
Daily Pivot Point R2 23.38
Daily Pivot Point R3 23.68

 

 

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