Silver Price Analysis: XAG/USD flat-lines below $23.00, remains confined in a multi-day-old range

Silver attracts some sellers following an intraday uptick to the $23.00 neighbourhood.
The mixed technical setup warrants some caution before placing fresh directional bets.
A move beyond the $22.30-40 confluence will set the stage for some meaningful gains.

Haresh Menghani FXStreet

Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and attracts some intraday sellers in the vicinity of the $23.00 mark on Friday. The white metal currently trades around the $22.80 region, nearly unchanged for the day, and remains confined in a multi-day-old range through the first half of the European session.

From a technical perspective, the XAG/USD has been showing some resilience below the 38.2% Fibonacci retracement level of the May-October slide. Moreover, oscillators on the daily chart are holding in the positive territory and support prospects for some appreciating move. That said, the recent failure near the $23.70-$23.75 strong horizontal resistance and the lack of any buying interest warrants some caution for bullish traders.

Hence, it will be prudent to wait for sustained strength and acceptance above the $23.30-$23.40 confluence, comprising the 50% Fibo. level, the 100-day and 200-day Simple Moving Averages (SMAs), before positioning for a meaningful upside. Some follow-through buying beyond the $23.70-$23.75 region will reaffirm the positive bias and allow the XAG/SUD to reclaim the $24.00 mark, which coincides with the 61.8% Fibo. level.

The subsequent move up, meanwhile, is more likely to confront stiff resistance near a descending trend-line hurdle extending from the May high, currently pegged around the $24.20 region. A convincing breakout through the latter will be seen as a fresh trigger for bulls and pave the way for additional gains.

On the flip side, the $22.50 area, nearing a one-and-half-week low touched on Thursday, now seems to protect the immediate downside for the XAG/USD. Failure to defend the said support levels might prompt some technical selling and expose the $22.30-$22.25 horizontal resistance breakpoint now turned support. The downward trajectory could get extended further towards the $22.00 round-figure mark, representing 23.6% Fibo. level.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	22.79
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	22.79

Trends
Daily SMA20	22.23
Daily SMA50	22.96
Daily SMA100	23.26
Daily SMA200	23.3

Levels
Previous Daily High	23.14
Previous Daily Low	22.44
Previous Weekly High	23.7
Previous Weekly Low	22.37
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.88
Daily Pivot Point S1	22.44
Daily Pivot Point S2	22.1
Daily Pivot Point S3	21.75
Daily Pivot Point R1	23.14
Daily Pivot Point R2	23.49
Daily Pivot Point R3	23.84

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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