Silver Price Analysis: XAG/USD fails again to hold above $24.20

Volatile session for Silver that is facing difficulties to consolidate above $24.00.
Higher US yields and a mixed dollar weighs on XAU/USD limiting XAG/USD.
Price is biased to the upside but it needs to break $24.25/30.

Matías Salord FXStreet

Silver is having a positive but volatile day on Tuesday. Recently XAG/USD rebounded from a session low at $23.80 to $24.28, matching last week high and then pulled back. It is hovering around $24.00 with a bullish bias, still facing important resistance ahead.

The improvement in risk appetite at the beginning of the week boosted commodities, particularly after last week’s US inflation data. At the same time, bonds in the US and Europe dropped. Higher yields limited the upside in Gold, the decline of the Dollar, and the break above $24.25/30 of XAG/USD.

As of writing, XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction ahead with an initial target at $23.55 and then $23.35 (Dec 22 low).

A firm break above $24.25 would clear the way to more gains targeting $24.55 and then the $25.00 zone.

XAG/USD 4-hour chart

Technical levels

XAG/USD

Overview
Today last price	24.08
Today Daily Change	0.35
Today Daily Change %	1.47
Today daily open	23.73

Trends
Daily SMA20	23.12
Daily SMA50	21.47
Daily SMA100	20.38
Daily SMA200	21.16

Levels
Previous Daily High	23.73
Previous Daily Low	23.73
Previous Weekly High	24.3
Previous Weekly Low	22.84
Previous Monthly High	22.25
Previous Monthly Low	18.84
Daily Fibonacci 38.2%	23.73
Daily Fibonacci 61.8%	23.73
Daily Pivot Point S1	23.73
Daily Pivot Point S2	23.73
Daily Pivot Point S3	23.73
Daily Pivot Point R1	23.73
Daily Pivot Point R2	23.73
Daily Pivot Point R3	23.73

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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