Silver Price Analysis: XAG/USD eyes above $23.20 as Fed seems done with hiking interest rates

Silver price aims to climb above $23.20 amid easing US price pressures.
The USD Index fell sharply due to the risk-on mood.
Silver price recovered strongly after discovering buying interest near 61.8% Fibo retracement at $21.86.

Sagar Dua FXStreet

Silver price (XAG/USD) refreshes weekly high near $23.20 as inflation in the United States softened at a higher pace in October. The white metal strengthens on hopes that the Federal Reserve (Fed) will not raise interest rates further.

S&P500 futures added some gains in the Tokyo session, portraying a significant improvement in the risk appetite of the market participants. US equities were heavily bought on Tuesday as inflation eased more than expectations.

The US Dollar Index (DXY) trades near a two-month low around 104.00 amid steady progress in inflation declining towards 2%. The headline inflation eased significantly in October as global oil prices fell sharply due to easing Middle East tensions.

Silver technical analysis

Silver price recovered strongly after discovering buying interest near 61.8% Fibo retracement (plotted from October 4 low around $20.70 to October 20 high at $23.70) at $21.86. The white metal trades above the 200-period Exponential Moving Average (EMA), which indicates that the near-term trend has turned bullish.

The Relative Strength Index (RSI) (14) shifts into the bullish range of 60.00-80.00, which indicates that the bullish impulse has been triggered.

Silver four-hour chart

XAG/USD

Overview
Today last price	23.19
Today Daily Change	0.08
Today Daily Change %	0.35
Today daily open	23.11

Trends
Daily SMA20	22.87
Daily SMA50	22.66
Daily SMA100	23.19
Daily SMA200	23.26

Levels
Previous Daily High	23.19
Previous Daily Low	22.3
Previous Weekly High	23.26
Previous Weekly Low	22.19
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	22.85
Daily Fibonacci 61.8%	22.64
Daily Pivot Point S1	22.54
Daily Pivot Point S2	21.98
Daily Pivot Point S3	21.65
Daily Pivot Point R1	23.43
Daily Pivot Point R2	23.76
Daily Pivot Point R3	24.32

(This story was corrected on November 15 at 08:33 GMT to say, in the second bullet point, that the USD Index fell sharply due to the risk-on mood, not risk-off mood.)

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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