Silver Price Analysis: XAG/USD bounces off five-month-old support towards $23.30 resistance

Silver Price picks up bids to defend Thursday’s recovery from the key support line.
Convergence of 200-DMA, resistance-turned-support from early March join bearish MACD signal to prod XAG/USD bulls.
Silver bears need validation from $22.00 to tighten the grip.

Anil Panchal FXStreet

Silver Price (XAG/USD) refreshes intraday high near $22.75 during early Friday as it stretches the previous day’s corrective bounce off an ascending support line from March 14.

It’s worth noting, however, that the bearish MACD signals join a convergence of the 200-DMA and a five-month-old previous support line to challenge the Silver buyers near $23.25-30.

Following that, the late July swing low of around $24.00 and June’s peak of around $24.55 will lure the Silver buyers.

Though, the previous monthly top of around $25.30 and a four-month-long horizontal resistance area near $26.10-15 appear major challenges for the XAG/USD bulls afterward.

Meanwhile, a daily closing below the previously mentioned rising support line, close to $22.60 by the press time, could quickly fetch the Silver Price towards a region comprising multiple levels marked since mid-March, close to $22.10. Also acting as a downside filter is the $22.00 round figure.

In a case where the XAG/USD remains bearish below $22.00, the odds of witnessing the commodity’s slump toward early March’s swing high of near $21.30 can’t be ruled out.

Overall, the Silver Price slips off the bear’s radar but remains less lucrative for buyers below $23.30.

Silver Price: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	22.76
Today Daily Change	0.05
Today Daily Change %	0.22%
Today daily open	22.71

Trends
Daily SMA20	24.15
Daily SMA50	23.68
Daily SMA100	24.06
Daily SMA200	23.24

Levels
Previous Daily High	23
Previous Daily Low	22.63
Previous Weekly High	24.84
Previous Weekly Low	23.23
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	22.86
Daily Fibonacci 61.8%	22.77
Daily Pivot Point S1	22.56
Daily Pivot Point S2	22.4
Daily Pivot Point S3	22.18
Daily Pivot Point R1	22.93
Daily Pivot Point R2	23.15
Daily Pivot Point R3	23.3

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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