Silver Price Analysis: XAG/USD bulls have the upper hand above 100-day SMA

Silver edged higher for the fifth straight day and climbed to a two-week high on Thursday.
The overnight sustained move above the 100-day SMA supports prospects for further gains.
Bulls might now aim to reclaim the $24.00 mark and test the YTD high touched in January.

Haresh Menghani FXStreet

Silver traded with a mild positive bias through the first half of the European session and was last seen hovering near a two-week high, around the $23.35 region. The uptick, however, lacked bullish conviction as traders now seemed to wait for the release of the US CPI report, due later during the early North American session.

From a technical perspective, the overnight sustained strength above the 100-day SMA could be seen as a fresh trigger for the XAG/USD bulls. Some follow-through buying beyond the $23.40-$23.45 resistance would reaffirm the positive bias and set the stage for an extension of the appreciating move witnessed over the past one week or so.

The positive outlook is reinforced by the fact that technical indicators on the daily chart have just started moving into bullish territory. Hence, a subsequent strength towards reclaiming the $24.00 round-figure mark, en-route the YTD high around the $24.70 area touched on January 20, remains a distinct possibility.

On the flip side, the 100-day SMA resistance breakpoint, around the $23.20-$23.15 region, now seems to protect the immediate downside ahead of the $23.00 mark. A convincing break below would expose the $22.75 support area before the XAG/USD drops to mid-$22.00, which if broken decisively will negate any near-term positive bias.

The XAG/USD would then turn vulnerable and accelerate the slide towards the next relevant support is near the $22.00 mark. Some follow-through selling will shift the bias in favour of bearish traders and pave the way for a slide towards challenging the double-bottom support, around the $21.40 region.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.35
Today Daily Change	0.05
Today Daily Change %	0.21
Today daily open	23.3

Trends
Daily SMA20	23.2
Daily SMA50	22.84
Daily SMA100	23.2
Daily SMA200	24.4

Levels
Previous Daily High	23.36
Previous Daily Low	23.1
Previous Weekly High	23.05
Previous Weekly Low	22.01
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.26
Daily Fibonacci 61.8%	23.19
Daily Pivot Point S1	23.15
Daily Pivot Point S2	22.99
Daily Pivot Point S3	22.89
Daily Pivot Point R1	23.41
Daily Pivot Point R2	23.51
Daily Pivot Point R3	23.67

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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