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.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	23.16
Today Daily Change	0.42
Today Daily Change %	1.85
Today daily open	22.74

Trends
Daily SMA20	23.66
Daily SMA50	23.66
Daily SMA100	23.28
Daily SMA200	23.63

Levels
Previous Daily High	23.16
Previous Daily Low	22.48
Previous Weekly High	24.09
Previous Weekly Low	22.69
Previous Monthly High	25.92
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	22.74
Daily Fibonacci 61.8%	22.9
Daily Pivot Point S1	22.43
Daily Pivot Point S2	22.11
Daily Pivot Point S3	21.75
Daily Pivot Point R1	23.11
Daily Pivot Point R2	23.47
Daily Pivot Point R3	23.79

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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