Silver Price Analysis: XAG/USD reclaims the 20/50-day EMAs, holds to gains around $23.70
|- Silver is trapped within the 20 and 50-day Exponential Moving Averages, trendless.
- Silver Price Analysis: Sideways but slightly tilted upwards, with buyers eyeing $25.00.
Silver price extended its consolidation around the $23.00-$24.50 during the week, capped by the 20 and 50-day Exponential Moving Averages (EMAs), and remains unable to break the range decisively. However, XAG/USD erased some of its earlier losses and shifted positively in the day, trading at $23.71, gaining 0.53%.
Silver Price Analysis: Technical outlook
XAG/USD’s price action has remained sideways for almost a month, around the $23.00-$24.50 range, in the near term. The lack of a catalyst keeps the white metal at around a peak, though it’s too early to call it like that, with the US Federal Reserve’s decision on Wednesday. At the time of typing, the XAG/USD hovers around the 20-day EMA at $23.69, which has been used as a pivot in the last 19, with the price fluctuating around it.
As the XAG/USD continues to rally in the session, a break above the 20-day EMA could pave the way for further upside, being the psychological $24.00 figure, the first supply area. Once cleared, the XAG/USD would be poised to challenge the YTD high at $24.54, followed by the $25.00 mark.
On the flip side, XAG/USD’s fall below the 50-day EMA at $23.10, and Silver will soon test the $23.00 mark. A breach of the latter will send Silver slumping to the YTD low at $22.76, followed by the 100-day EMA at $22.24 and then the 200-day EMA at $21.90.
Silver Key Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.