Silver Price Analysis: XAG/USD faces the 200-DMA at around $21.70s

XAG/USD advances as US Treasury bond yields undermine the US Dollar.
The XAG/USD is testing the confluence of the 50/100/200-day EMAs.
XAG/USD Price Analysis: To remain upwards in the short term, though the rally’s size suggests a mean reversion correction.

Christian Borjon Valencia FXStreet

XAG/USD surges sharply in Monday’s session, up by more than 6% on investors flying to safety. US Treasury bond yields collapsed due to regional bank failure in the United States (US) blamed on higher rates. Therefore, US bond yields collapsing are a tailwind for the white metal prices. At the time of writing, the XAG/USD is trading at $21.76.

XAG/USD Price Action

The white metal is testing solid resistance in the confluence of the 200, 50, and 100-day Exponential Moving Averages (EMAs), each at $21.79, $21.85, and $21.87, respectively. In addition, the Relative Strength Index (RSI) broke above the 50 neutral lines, portraying buying pressure strength. The Rate of Change (RoC) suggests buyers moved aggressively, which could open the door for a mean reversion move. Therefore, traders should be careful.

With XAG/USD breaking above the 200-day EMA would pave the way toward $22.00 a troy ounce. Once done, the XAG/USD next resistance would be $23.00 before testing the February 23 high at $23.59.

In an alternate scenario, the XAG/USD first support would be the 20-day EMA at $21.16. A breach of the latter will expose the $21.00 figure, followed by the March 13 low of $20.50, before falling to YTD lows at $19.92.

XAG/USD Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	21.78
Today Daily Change	1.25
Today Daily Change %	6.09
Today daily open	20.53

Trends
Daily SMA20	21.13
Daily SMA50	22.52
Daily SMA100	22.2
Daily SMA200	20.94

Levels
Previous Daily High	20.79
Previous Daily Low	19.9
Previous Weekly High	21.31
Previous Weekly Low	19.9
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	20.45
Daily Fibonacci 61.8%	20.24
Daily Pivot Point S1	20.02
Daily Pivot Point S2	19.52
Daily Pivot Point S3	19.13
Daily Pivot Point R1	20.91
Daily Pivot Point R2	21.3
Daily Pivot Point R3	21.81

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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