Silver Price Analysis: XAG/USD approaches 200-day SMA/61.8% Fibo. confluence hurdle

Silver turns positive for the fourth straight day and climbs back closer to a multi-week high.
The technical setup seems tilted in favour of bulls and supports prospects for further gains.
Bulls might wait for a move beyond the $23.30-$23.35 confluence before placing fresh bets.

Haresh Menghani FXStreet

Silver (XAG/USD) reverses an intraday dip to the $22.85 area and builds on its intraday upward trajectory through the first half of the European session on Friday. The white metal currently trades around the $23.20 region, up nearly 0.50% for the day, and seems poised to prolong its recent goodish recovery from a seven-month low touched on October 3.

From a technical perspective, the emergence of some dip-buying near the 50% Fibonacci retracement level of the August-October downfall validates the constructive outlook for the XAG/USD. Furthermore, oscillators on the daily chart have just started gaining positive traction and support prospects for a further appreciating move. That said, it will still be prudent to wait for a sustained move beyond the $23.30-$23.35 confluence hurdle – comprising the 100-day and the 200-day Simple Moving Averages (SMAs) and the 61.8% Fibo. level – before placing fresh bullish bets.

The XAG/USD might then climb to the next relevant resistance near the $23.75-$23.80 region (September 22 high) and then aim to reclaim the $24.00 round figure for the first time since early September. The positive momentum could get extended further towards the $24.30-$24.35 resistance zone en route to the August monthly swing high, around the $25.00 psychological mark.

On the flip side, the 50% Fibo. level, around the $22.85 region, might continue to protect the immediate downside ahead of the $22.70-$22.65 horizontal support. This is followed by the weekly trough, around the $22.40-$22.35 zone, which nears the 38.2% Fibo. level and should act as a key pivotal point. A convincing break below might shift the near-term bias back in favour of bearish traders and prompt aggressive technical selling around the XAG/USD.

Silver might then turn vulnerable to accelerate the fall further below the $22.00 mark, towards the 23.6% Fibo. level, around the $21.75 area. The subsequent downfall has the potential to drag the XAG/USD to the $21.35-$21.30 intermediate support en route to the $21.00 mark and back towards retesting a seven-month low, around the $20.70-$20.65 zone, or a seven-month low touched on October 3.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.22
Today Daily Change	0.14
Today Daily Change %	0.61
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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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