Silver Price Analysis: XAG/USD edges up but falters shy of 200-DMA
- Silver's recent rally to $23.52 curbed by resistance at 50 and 200-DMAs, leading to a slight pullback in prices.
- Technical analysis shows Silver trading in a sideways trend; immediate support at $23.00, followed by $22.48.
- Potential for further gains if Silver breaks above the 100-DMA at $23.25, targeting the $23.60/65 resistance zone.
Silver price trims its losses, but it remains below the 100-day moving average (DMA) after hitting a new five-day high of $23.52 on Friday. Geopolitical tensions bolstered the grey metal, which aimed towards the confluence of the 50 and 200-DMAs, but buyers' failure to crack that area opened the door for a pullback. The XAG/USD trades at $23.15, up by 1.85%.
The non-yielding metal remains sideways, though slightly tilted to the downside after buyers failed to conquer the confluence of the 50 and 200-DMAs. With Silver spot price trading below the 200-DMA, the first support is seen at $23.00 a troy ounce. A breach of the latter will expose the January 11 low at $22.48, followed by the $22.00 mark. Once that support level is broken, up next would be the November 13 cycle low of $21.88.
In the outcome of buyers stepping in, they would clash with the 100-DMA at $23.25. A breach of the latter will expose the confluence of the 50 and 200-DMAs at around $23.60/65, before opening the path toward $24.00.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
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.
