Silver Price Analysis: XAG/USD consolidates near $23.65 area, below descending trend-line hurdle

Silver oscillates in a narrow trading band for the second successive day on Friday.
Bullish oscillators on the daily chart support prospects for some short-term gains.
A breakout through an descending trend line is needed to confirm the bullish bias.

Haresh Menghani FXStreet

Silver (XAG/USD) continues with its struggle to gain any meaningful traction and seesaws between tepid gains/minor losses for the second successive day on Friday. The white metal currently trades around the $23.65 region, nearly unchanged for the day and below a downward-sloping trend line resistance extending from the May swing high.

The aforementioned barrier, currently pegged near the $24.00 round figure, should act as a key pivotal point and help determine the next leg of a directional move for the XAG/USD. Against the backdrop of the recent sustained strength beyond the 200-day Simple Moving Average (SMA), positive oscillators on the daily chart support prospects for an eventual breakout through the said resistance.

A sustained strength beyond will be seen as a fresh trigger for bulls. The subsequent move-up should allow the XAG/USD to surpass the $24.20-$24.25 intermediate hurdle and make a fresh attempt to conquer the $25.00 psychological mark. Some follow-through buying beyond the $25.15-$25.20 region will set the stage for a move towards reclaiming the $26.00 mark for the first time since May.

On the flip side, the 200-day SMA, currently around the $23.35 region, might continue to protect the immediate downside. Any further decline might still be seen as a buying opportunity and remain limited near the $23.00 mark. A convincing break below the latter, however, might prompt aggressive technical selling and drag the XAG/USD towards the $22.35-$22.30 zone en route to the $22.00 mark.

Silver daily chart

technical levels to watch

XAG/USD

Overview
Today last price	23.66
Today Daily Change	-0.01
Today Daily Change %	-0.04
Today daily open	23.67

Trends
Daily SMA20	23.1
Daily SMA50	22.75
Daily SMA100	23.24
Daily SMA200	23.32

Levels
Previous Daily High	23.79
Previous Daily Low	23.6
Previous Weekly High	24.15
Previous Weekly Low	21.88
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.72
Daily Fibonacci 61.8%	23.67
Daily Pivot Point S1	23.58
Daily Pivot Point S2	23.5
Daily Pivot Point S3	23.39
Daily Pivot Point R1	23.78
Daily Pivot Point R2	23.88
Daily Pivot Point R3	23.97

(This story was corrected on November 24 at 09:50 GMT to say, in the third bullet point, that a breakout in the descending trend line is needed, not ascending trend line.)

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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