Silver Price Analysis: XAG/USD finds support near 50 DMA, up a little around mid-$23.00s

Silver edges higher on Friday, albeit the intraday uptick lacks follow-through.
The overnight failure near the $24.50 supply zone warrants caution for bulls
.Sustained break below the $23.00 mark is needed to confirm negative bias.

Haresh Menghani FXStreet

Silver attracts some buyers near the 50-day SMA on Friday and stalls the previous day's retracement slide from its highest level since April 2022. The white metal sticks to a mildly positive tone through the early European session, though the intraday uptick lacks bullish conviction.

Looking at the broader picture, the XAG/USD has been oscillating in a familiar band over the past one-and-half month or so, forming a rectangle pattern on the daily chart. This points to indecision among traders and warrants some caution before placing aggressive directional bets. The overnight failure to find acceptance above the $24.50 supply zone validates the trading range resistance, which should now act as a pivotal point.

Given that technical indicators on the daily chart have just started drifting in the negative territory, it will be prudent to wait for a sustained move beyond the said barrier before placing bullish bets. The XAG/USD might then aim to reclaim the $25.00 psychological mark for the first time since April 2022. The momentum could get extended towards the next relevant hurdle near the $25.35 region en route to the $26.00 round figure.

On the flip side, any further slide below the $23.40-$23.30 horizontal zone might continue to find decent support near the $23.00-$22.95 region. This is followed by support near the $22.75 area, which if broken decisively could drag the XAG/USD to the next relevant support near the $22.20-$22.15 zone ahead of the $22.00 mark.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	23.53
Today Daily Change	0.07
Today Daily Change %	0.30
Today daily open	23.46

Trends
Daily SMA20	23.76
Daily SMA50	23.41
Daily SMA100	21.66
Daily SMA200	21.02

Levels
Previous Daily High	24.64
Previous Daily Low	23.42
Previous Weekly High	24.3
Previous Weekly Low	22.76
Previous Monthly High	24.55
Previous Monthly Low	22.76
Daily Fibonacci 38.2%	23.89
Daily Fibonacci 61.8%	24.17
Daily Pivot Point S1	23.04
Daily Pivot Point S2	22.63
Daily Pivot Point S3	21.83
Daily Pivot Point R1	24.26
Daily Pivot Point R2	25.06
Daily Pivot Point R3	25.47

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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