Silver Price Analysis: XAG/USD climbs, targeting 200-DMA as Powell’s comments lift precious metals

Daily chart shows Silver as bearish-biased, remaining below the 200-DMA at $23.31.
A breach of the 200-DMA at $23.31 could open the door for further upside, with potential targets at $23.72 and $24.00.
If XAG/USD slides below $23.00, it could drop toward the 50-DMA at $22.90, followed by $22.37 and the 20-day EMA at $22.20.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) climbed from around two-day lows of $ 22.60 and targeted the 200-day moving average (DMA) on Thursday after comments from the US Federal Reserve (Fed) Chair Jerome Powell impacted the odds for another rate hike in the futures market. Hence, XAG/USD advanced, and trades at around $22.95, gaining 0.50%.

The XAG/USD daily chart portrays the grey metal as bearish-biased, as it remains below the 200-DMA at $23.31, which capped the October 18 rally towards the $24.00 figure. In doing that, Silver registered a daily close below the 50-DMA at $22.90, keeping sellers in charge.

However, dovish remarks from Powell lifted XAG/USD above the $23.00 figure, opening the door for further upside, with the 200-DMA at sight at $23.31. A breach of the latter would open the door to challenge the top of the Bollinger Band at $23.72 before testing $24.00.

Conversely, if Silver Spot slides below $23.00, that would pave the way to test the 50-DMA at $22.90, followed by intermediate support at $22.37. Once cleared, the next stop would be the 20-day EMA at $22.20.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.06
Today Daily Change	0.22
Today Daily Change %	0.96
Today daily open	22.84

Trends
Daily SMA20	22.23
Daily SMA50	22.91
Daily SMA100	23.31
Daily SMA200	23.33

Levels
Previous Daily High	23.32
Previous Daily Low	22.68
Previous Weekly High	22.82
Previous Weekly Low	21.57
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	23.08
Daily Fibonacci 61.8%	22.93
Daily Pivot Point S1	22.58
Daily Pivot Point S2	22.31
Daily Pivot Point S3	21.94
Daily Pivot Point R1	23.22
Daily Pivot Point R2	23.59
Daily Pivot Point R3	23.85

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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