Silver Price Analysis: XAG/USD dwindles after hitting a 9-month high, back below $23.50

Silver slumps after reaching a new YTD high at $24.62 and is back below $23.50.
Gold Price Forecast: XAU/USD erases Wednesday’s gains, plunges below $1,920 post BoE, ECB decisions.
Silver Price Analysis: Trapped within the $23.00-$24.50 range.

Christian Borjon Valencia FXStreet

After hitting a new nine-month high of $24.62, Silver price nosedives, failing to break the $23.00-$24.50 range for the fourth consecutive day in the week, and exchanges hands at around $23.40s at the time of writing.

Wall Street continues to record gains bolstered by a big tech company projecting a positive outlook for 2023. The Federal Reserve rate hike of 25 bps weighed on the greenback during Wednesday and Thursday’s overnight session. However, the greenback is staging a comeback, albeit US Treasury yields fall. That has been a tailwind for the white metal, extending its losses toward the bottom of the range.

Silver Price Analysis: XAG/USD Technical Outlook

The XAG/USD is still range-bound, dropped below the 20-day Exponential Moving Average (EMA) at $23.69, which would act as a resistance level in the event of Silver attempting to rally back to $24.00. XAG/USD’s failure to decisively break the previous YTD high at $24.54 could pave the way for a re-test of $23.00, a psychological level. Once cleared, that will put in play the January 23 swing low of $22.76, followed by the December 16 daily low at $22.56.

As an alternate scenario, Silver’s reclaiming $24.00 would open the door for further upside and continuation after one month of consolidation, within the $23.00-$24.50 range. After XAG/USD climbs above the top of the range, the next ceiling would be the YTD high at $24.62, followed by the $25.00 figure.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	23.49
Today Daily Change	-0.51
Today Daily Change %	-2.13
Today daily open	24

Trends
Daily SMA20	23.75
Daily SMA50	23.37
Daily SMA100	21.62
Daily SMA200	21.02

Levels
Previous Daily High	24.04
Previous Daily Low	23.37
Previous Weekly High	24.3
Previous Weekly Low	22.76
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	23.78
Daily Fibonacci 61.8%	23.62
Daily Pivot Point S1	23.57
Daily Pivot Point S2	23.13
Daily Pivot Point S3	22.89
Daily Pivot Point R1	24.24
Daily Pivot Point R2	24.48
Daily Pivot Point R3	24.91

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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