Silver Price Analysis: XAG/USD flirts with 200-day SMA hurdle near $23.20-25 region

Silver attracts some dip-buying ahead of the $23.00 round figure, albeit lacks follow-through.
The technical setup favours bullish traders and supports prospects for a further positive move.
A sustained strength beyond the $23.60-70 supply zone is needed to reaffirm the bullish bias.

Haresh Menghani FXStreet

Silver (XAG/USD) reverses an intraday dip to the $23.10 area and climbs to the top end of its daily trading range during the first half of the European session on Monday. Bulls still await a sustained strength beyond the very important 200-day Simple Moving Average (SMA) before placing fresh bets.

Any subsequent move up, however, is more likely to confront stiff resistance near the $23.60-$23.70 supply zone, which should act as a key pivotal point. With oscillators on the daily chart holding in the positive territory, a sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for some meaningful upside.

The XAG/USD might then aim to surpass the $24.00 mark and test the next relevant hurdle near the $24.20-$24.25 zone. The momentum could get extended further and allow bulls to make a fresh attempt to conquer the $25.00 psychological mark before the white metal eventually climbs to the July swing high, around the $25.20-$25.25 zone.

On the flip side, any meaningful slide below the $23.00 mark is more likely to find decent support and remain limited near the $22.60-$22.50 horizontal support. A convincing break below the latter will shift the bias back in favour of bearish traders and drag the XAG/USD to the $22.00 mark en route to the $21.70 horizontal support zone.

Some follow-through selling will expose the $21.35-$21.30 support, below which the XAG/USD seems all set to accelerate the fall further below the $21.00 mark, towards the $20.70-$20.65 area, or a seven-month low touched in October.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.18
Today Daily Change	-0.04
Today Daily Change %	-0.17
Today daily open	23.22

Trends
Daily SMA20	22.74
Daily SMA50	22.88
Daily SMA100	23.2
Daily SMA200	23.28

Levels
Previous Daily High	23.3
Previous Daily Low	22.59
Previous Weekly High	23.61
Previous Weekly Low	22.54
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.03
Daily Fibonacci 61.8%	22.86
Daily Pivot Point S1	22.78
Daily Pivot Point S2	22.33
Daily Pivot Point S3	22.06
Daily Pivot Point R1	23.49
Daily Pivot Point R2	23.75
Daily Pivot Point R3	24.2

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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