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.

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

fxsoriginal

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

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 1.0700 on stronger USD, EU political angst

EUR/USD drops below 1.0700 on stronger USD, EU political angst

EUR/USD extends losses below 1.0700 in the European session on Friday. Unabated US Dollar demand and looming EU political uncertainty exert downside pressure on the pair. US sentiment data is awaited. 

EUR/USD News

USD/JPY reverses gains to near 157.00 amid risk aversion

USD/JPY reverses gains to near 157.00 amid risk aversion

USD/JPY has pared back gains to trade near 157.00 in the European trading hours on Friday. Broad risk aversion helps the Japanese Yen recover ground after falling hard on the Bank of Japan's decision to hold the policy settings unchanged.

USD/JPY News

Gold trades in familiar territory amid mixed signals from US economy

Gold trades in familiar territory amid mixed signals from US economy

Gold continues to trade in a range established in spring as traders respond to mixed macroeconomic signals. Whilst the data points to a fall in inflation, Fed officials are more cautious.

Gold News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

Read more

US Dollar holding up well despite rate pricing

US Dollar holding up well despite rate pricing

It’s been an interesting week for financial markets. The most striking development in our opinion is the fact that the market is back to pricing two full rate cuts from the Fed in 2024, and yet, the Dollar has held up relatively well considering.  

Read more

Forex MAJORS

Cryptocurrencies

Signatures