- Silver prices bounce and cling to gains, despite a buoyant US Dollar.
- Near-term, XAG/USD might consolidate, as mixed signals between the RSI/RoC suggest caution is warranted.
Silver is recovering some ground after falling to weekly lows during the New York session of $22.56. However, a late buying impulse keeps XAG/USD trading in the green with gains of 0.41%. At the time of writing, the XAG/USD is trading at $23.21, above its opening price, and set to finish the week with losses of 1.23%.
Silver Price Analysis: Technical outlook
The XAG/USD daily chart depicts that the non-yielding metal remains upward biased after testing an upslope support trendline drawn from November lows. However, failure to crack the latter and its confluence with the 20-day EMA triggered Silver recovery. Also, the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest that buyers are gathering momentum, and a daily close above the December 15 close of $23.05 could keep the trend intact.
In the near-term, the XAG/USD one-hour chart suggests that Silver’s dip below $22.60 opened the door for sellers to lean onto the 200-Exponential Moving Average (EMA) at $23.22 as immediate intraday resistance. Furthermore, mixed signals between the RSI – aiming upwards, and RoC – depicting buying pressure losing momentum might refrain traders from opening new positions.
Nevertheless, if XAG/USD breaks above the 200-EMA, the immediate ceiling level would be the daily pivot at $23.33, followed by the R1 pivot at $23.69. On the downside, the XAG/USD first support would be the 50-EMA at 23.16. A breach of the latter will expose December’s 15 daily low at $23.06, ahead of the $23.00 mark.
Silver Key Technical Levels
|Today last price||23.21|
|Today Daily Change||0.11|
|Today Daily Change %||0.48|
|Today daily open||23.1|
|Previous Daily High||23.94|
|Previous Daily Low||22.96|
|Previous Weekly High||23.69|
|Previous Weekly Low||22.03|
|Previous Monthly High||22.25|
|Previous Monthly Low||18.84|
|Daily Fibonacci 38.2%||23.34|
|Daily Fibonacci 61.8%||23.57|
|Daily Pivot Point S1||22.73|
|Daily Pivot Point S2||22.35|
|Daily Pivot Point S3||21.74|
|Daily Pivot Point R1||23.71|
|Daily Pivot Point R2||24.32|
|Daily Pivot Point R3||24.69|
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