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Silver Price Analysis: XAG/USD breaks two-month resistance trendline, pierced $23.90

XAG/USD is upward biased from a daily chart perspective, and it might test the YTD high at $24.63.
XAG/USD is in a solid uptrend, supported by oscillators at bullish territory.
XAG/USD may experience a downside if it falls below $23.50, as it could drop toward the S1 pivot point.

Christian Borjon Valencia FXStreet

Silver price broke a two-month resistance trendline, reaching a new 8-week high of $23.92 due to overall US Dollar (USD) weakness and falling US Treasury bond yields. Therefore, the XAG/USD is trading at $23.74, up more than 2%, after hitting a low of $23.24.

XAG/USD Price action

From a daily chart perspective, the XAG/USD is upward biased and might soon test the YTD high at $24.63 once it reclaimed the $23.50 figure. But firstly, Silver buyers need to reclaim the $24.00 figure, ahead of challenging YTD highs. The Relative Strength Index (RSI) at overbought conditions continues to aim higher, while the Rate of Change (RoC) portrays buyers in charge. If XAG/USD fails to break $24.00, that could pave the way for a pullback.

In the short term, the XAG/USD 4-hour chart portrays the white metal in a solid uptrend, testing the R3 daily pivot point at $23.83 after hitting a daily high of $23.92. If the XAG/USD conquers $24.00, that will expose the YTD high. The Relative Strength Index (RSI) justifies an upward continuation at bullish territory, while the Rate of Change (RoC) does it too.

On the flip side, if the XAG/USD stumbles beneath the R2’s daily pivot at $23.62, it would pave the way for further downside. Hence, the XAG/USD first support would be the R1 pivot point at $23.47, followed by the intersection of the 20-EMA and the daily pivot point at $23.30, before diving towards the S1 pivot point at $23.11.

XAG/USD 4-hour chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	23.81
Today Daily Change	0.47
Today Daily Change %	2.01
Today daily open	23.34

Trends
Daily SMA20	21.88
Daily SMA50	22.2
Daily SMA100	22.55
Daily SMA200	21

Levels
Previous Daily High	23.42
Previous Daily Low	23.05
Previous Weekly High	23.52
Previous Weekly Low	22.16
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	23.28
Daily Fibonacci 61.8%	23.19
Daily Pivot Point S1	23.12
Daily Pivot Point S2	22.9
Daily Pivot Point S3	22.75
Daily Pivot Point R1	23.49
Daily Pivot Point R2	23.64
Daily Pivot Point R3	23.86

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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