Silver Price Analysis: XAG/USD builds cushion around 20-EMA at $22.60

Silver price is juggling around $22.60 amid a quiet market mood.
The US Dollar Index (DXY) is struggling to cross the critical hurdle of 105.40.
The 200-EM is aiming higher which indicates that the upside trend is intact.

Sagar Dua FXStreet

Silver price (XAG/USD) is displaying a sideways auction profile around the immediate hurdle of $22.60 in the early European session. The white metal has turned balance after correcting from the critical resistance of $22.80. The market mood is extremely quiet as investors are awaiting a potential trigger for fresh impetus.

Meanwhile, the US Dollar Index (DXY) is struggling to cross the critical hurdle of 105.40. S&P500 futures are displaying a subdued performance following Wednesday’s choppy movement.

On an hourly scale, Silver price recovered firmly after testing the horizontal support placed from November 15 high at $22.25. The precious metal is testing the 20-period Exponential Moving Average (EMA) around $22.60 after a sheer recovery. Meanwhile, the 200-EMA at $22.20 is aiming higher, which indicates that the long-term trend is bullish.

The Relative Strength Index (RSI) (14) is aiming to reclaim the bullish range of 60.00-80.00 for a decisive rally.

Should the Silver price break above Friday’s high at $22.82, bulls will drive the asset toward the round-level resistance at $23.00, followed by Monday’s high at $23.52.

On the flip side, Silver price will witness a steep fall if its surrenders the 200-EMA at $22.20. An occurrence of the same will drag the asset toward November 24 high at $21.67. A breakdown of $21.67 support will expose the asset for more downside toward November 28 low of around $21.00.

Silver hourly chart

XAG/USD

Overview
Today last price	22.66
Today Daily Change	-0.06
Today Daily Change %	-0.26
Today daily open	22.72

Trends
Daily SMA20	21.7
Daily SMA50	20.45
Daily SMA100	19.87
Daily SMA200	21.28

Levels
Previous Daily High	22.82
Previous Daily Low	22.09
Previous Weekly High	23.24
Previous Weekly Low	20.87
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	22.54
Daily Fibonacci 61.8%	22.37
Daily Pivot Point S1	22.27
Daily Pivot Point S2	21.82
Daily Pivot Point S3	21.55
Daily Pivot Point R1	23
Daily Pivot Point R2	23.27
Daily Pivot Point R3	23.72

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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