Silver Price Analysis: Multiple hurdles to prod XAG/USD bulls at 2023 peak near $26.00


  • Silver price remains sidelined after rising to the highest levels in one year.
  • Overbought RSI, multiple immediate resistances challenge XAG/USD buyers.
  • Silver sellers stay off the table beyond $24.50.

Silver price (XAG/USD) remains firmer at $25.80, despite recent inaction at the highest levels in one year during early Friday in Asia. In doing so, the bright metal justifies the overbought RSI conditions, as well as fears of bulls amid a bumpy road towards the north. However, multiple supports and bullish MACD signals keep the XAG/USD buyers hopeful.

That said, the XAG/USD pullback needs validation from a 10-month-old previous resistance line, around $25.50.

Even so, the convergence of the 61.8% Fibonacci retracement level of the metals moves between May 2021 to September 2022 and a 23-month-old downward-sloping trend line, near $24.50, appears a tough nut to crack for the Silver sellers.

In a case where the Silver price remains bearish past $24.50, the odds of witnessing a gradual decline toward the 50% Fibonacci retracement level surrounding $23.20 can’t be ruled out.

On the flip side, the $26.00 round figure prods the XAG/USD bulls ahead of the 78.6% Fibonacci retracement, around $26.35.

Following that, a broad area comprising tops marked since July 2021, around $26.95-75, quickly followed by the $27.00 round figure, will be in focus.

Overall, the Silver price is likely to remain firmer even if the short-term pullback appears imminent.

Silver price: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 25.83
Today Daily Change 0.33
Today Daily Change % 1.29%
Today daily open 25.5
 
Trends
Daily SMA20 23.62
Daily SMA50 22.38
Daily SMA100 22.85
Daily SMA200 21.19
 
Levels
Previous Daily High 25.67
Previous Daily Low 25.04
Previous Weekly High 25.14
Previous Weekly Low 23.57
Previous Monthly High 24.16
Previous Monthly Low 19.9
Daily Fibonacci 38.2% 25.43
Daily Fibonacci 61.8% 25.28
Daily Pivot Point S1 25.14
Daily Pivot Point S2 24.78
Daily Pivot Point S3 24.51
Daily Pivot Point R1 25.77
Daily Pivot Point R2 26.04
Daily Pivot Point R3 26.4

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD lost its traction and declined below 1.0850 in the American session on Thursday. Upbeat PMI data from the US, combined with the mixed action seen in Wall Street's main indexes, helps the US Dollar gather strength and weighs on the pair.

EUR/USD News

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD came under modest bearish pressure and declined toward 1.2700 in the second half of the day on Thursday. The US Dollar (USD) benefits from the PMI data, which showed an ongoing expansion in the private sector at an accelerating pace, and weighs on the pair.

GBP/USD News

Gold extends slide below $2,350.00

Gold extends slide below $2,350.00

Gold stays on the back foot and trades at its lowest level in over a week below $2,350. The benchmark 10-year US Treasury bond yield rises more than 1% following the stronger-than-forecast PMI data from the US, forcing XAU/USD to stretch lower.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures