Silver Price Analysis: XAG/USD clears solid resistance, eyeing the 100-DMA around $19.60

Silver (XAG/USD) advances sharply in the New York session after hitting a weekly low of $18.79.
XAG/USD remains neutral-to-downward biased, though a break above the 100-DMA will pave the way to $20.00.
Short term, the XAG/USD could clear the R1 daily pivot at $19.58, putting in play the 100-day EMA.

Christian Borjon Valencia FXStreet

Silver price reclaims the 50 and 20-day Exponential Moving Averages (EMAs) on Tuesday amidst broad US Dollar weakness, as risk-perceived assets advance while US bonds rally. Consequently, US Treasury yields fall, a tailwind for the white metal. At the time of writing, XAG/USD is trading at $19.37, above its opening price by 0.77%.

XAG/USD Price Forecast: Technical outlook

The XAG/USD daily chart portrays silver as neutral-to-downward biased, even though it reclaimed the 20 and 50-day EMAs. For XAG/USD buyers to further cement the case of turning the bias to neutral, they need to reclaim the 100-day EMA at $19.61, which could send XAG/USD rallying to $20.00 a troy ounce, before testing the 200-day EMA at $21.65. Additionally, the Relative Strength Index (RSI) at bullish territory, with a minimal-bullish slope, suggests prices could aim higher, opening the door for a test of the 100-day EMA.

In the near term, XAG/USD is neutral-to-upward biased, as depicted by the hourly chart, with prices oscillating around the daily pivot level at $19.30. The Relative Strength Index (RSI), around 58.64, is in bullish territory, though directionless. Therefore, XAG/USD might consolidate amid the lack of a catalyst.

Upwards, the first resistance would be the R1 daily pivot at $19.58, followed by the October 24 high at $19.67, ahead of the R2 pivot level at $19.95. On the flip side, the XAG/USD first support would be the confluence of the 50 and 20-EMAs at $19.23 and $19.18, respectively, followed by the S1 daily pivot point at $18.94. Break below will expose the 100 and 200-EMAs, each at $18.90 and $18.78, ahead of the S2 pivot level at $18.65.

XAG/USD Key Technical Levels

XAG/USD

Overview
Today last price	19.39
Today Daily Change	0.16
Today Daily Change %	0.83
Today daily open	19.23

Trends
Daily SMA20	19.32
Daily SMA50	19.13
Daily SMA100	19.66
Daily SMA200	21.69

Levels
Previous Daily High	19.69
Previous Daily Low	19.02
Previous Weekly High	19.44
Previous Weekly Low	18.23
Previous Monthly High	20.02
Previous Monthly Low	17.56
Daily Fibonacci 38.2%	19.27
Daily Fibonacci 61.8%	19.43
Daily Pivot Point S1	18.93
Daily Pivot Point S2	18.64
Daily Pivot Point S3	18.26
Daily Pivot Point R1	19.6
Daily Pivot Point R2	19.98
Daily Pivot Point R3	20.27

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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