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Silver Price Analysis: XAG/USD consolidates around the weekly high

XAG/USD is firm at around the $22.60s area, with traders eyeing Powell and his colleagues.
Silver Price Analysis: Neutral upwards, but Powell’s press conference could rock the boat.

Christian Borjon Valencia FXStreet

Silver price tests the higher boundaries of the week, at around $22.70s, as the Fed’s decision looms. Falling US Treasury bond yields and an offered US Dollar (USD) are the main drivers of Silver’s gain of 1.28%.

XAG/USD Price action

Silver price remains neutral to upward biased, as shown by the daily chart. Oscillators like the Relative Strength Index (RSI) turned bullish, while the Rate of Change (RoC) displays that buying pressure is waning. Due to mixed signals, caution is warranted.

For a bullish continuation, the XAG/USD needs to reclaim the $23.00 barrier, exposing the February 3 daily high at $23.59, followed by the $24.00 figure, ahead of the YTD high at $24.62. On the other hand, if the XAG/USD drops below the week’s low of $22.14, that would put into play essential support levels.

Given the backdrop, the XAG/USD first support would be the 50-day Exponential Moving Average (EMA) at $21.94. A breach of the latter will expose the 100-day EMA at $21.91, followed by the 200-day EMA at $21.81, and the 20-day EMA at $21.71.

XAG/USD Daily chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	22.62
Today Daily Change	0.22
Today Daily Change %	0.98
Today daily open	22.4

Trends
Daily SMA20	21.23
Daily SMA50	22.29
Daily SMA100	22.38
Daily SMA200	20.96

Levels
Previous Daily High	22.65
Previous Daily Low	22.16
Previous Weekly High	22.61
Previous Weekly Low	20.54
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	22.34
Daily Fibonacci 61.8%	22.46
Daily Pivot Point S1	22.15
Daily Pivot Point S2	21.91
Daily Pivot Point S3	21.66
Daily Pivot Point R1	22.64
Daily Pivot Point R2	22.89
Daily Pivot Point R3	23.14

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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