Silver Price Analysis: XAG/USD grinds higher on the way to $24.00


  • Silver retreats after refreshing 13-day high, keeps bounce off 100-DMA.
  • Bullish MACD signals also underpin run-up towards 200-DMA.
  • Seven-month-old resistance line acts as the key hurdle.

Silver (XAG/USD) pares intraday gains around $23.65, up 0.10% on a day during the mid-Asian session on Monday.

The bright metal refreshed multi-day low during the early Asian session before easing from $23.78.

The pullback moves, however, remain above the 100-DMA amid bullish MACD signals, which in turn keeps the buyers hopeful until the quote drops below the stated SMA support, around $23.20 by the press time.

Also acting as downside filters are 23.6% Fibonacci retracement (Fibo.) of July-September declines and a five-week-long horizontal support zone, respectively around $22.70 and $22.00.

Alternatively, XAG/USD upside eyes $24.00 threshold as the immediate resistance ahead of confronting the 50% Fibo. near $24.10.

It should be noted, though, that the quote’s upside past $24.10 will be challenged by the 200-DMA and a descending trend line from July, near $24.35 and $24.45 in that order.

Overall, silver prices are likely to advance further but the upside is seen as limited.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 23.62
Today Daily Change 0.01
Today Daily Change % 0.04%
Today daily open 23.61
 
Trends
Daily SMA20 23.24
Daily SMA50 22.87
Daily SMA100 23.22
Daily SMA200 24.36
 
Levels
Previous Daily High 23.69
Previous Daily Low 22.86
Previous Weekly High 23.72
Previous Weekly Low 22.49
Previous Monthly High 24.7
Previous Monthly Low 21.96
Daily Fibonacci 38.2% 23.37
Daily Fibonacci 61.8% 23.18
Daily Pivot Point S1 23.08
Daily Pivot Point S2 22.56
Daily Pivot Point S3 22.25
Daily Pivot Point R1 23.91
Daily Pivot Point R2 24.21
Daily Pivot Point R3 24.74

 

 

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 keeps range below 1.0750 ahead of US data, Fedspeak

EUR/USD keeps range below 1.0750 ahead of US data, Fedspeak

EUR/USD is consolidating its mild recovery below 1.0750 in the European session on Tuesday. Risk flows remain and exert additional downside pressure on the US Dollar while Euro traders reposition ahead of Sunday's French election. Mid-tier US data and Fedspeak are on tap.

EUR/USD News

GBP/USD recovers to 1.2700 as US Dollar weakness extends

GBP/USD recovers to 1.2700 as US Dollar weakness extends

GBP/USD is recovering to test 1.2700 in the European morning on Tuesday. Extended US Dollar weakness due to improved market mood, aids the pair's latest uptick. Traders look to the US sentiment data and Fed speeches for further impetus, as the UK calendar remains data-quiet. 

GBP/USD News

Gold moves within familiar territory as traders await further cues

Gold moves within familiar territory as traders await further cues

Gold (XAU/USD) trades in familiar territory in the $2,320s on Tuesday, amid a subdued market mood after a mixed session for Asian stocks and investor loss of appetite for tech stocks on Monday. 

Gold News

Bitcoin breaks below descending wedge, finding support on key level

Bitcoin breaks below descending wedge, finding support on key level

Bitcoin spot ETFs record a $174.5 million outflow on Monday, marking seven consecutive days of continuous decline. Mt.Gox announces Bitcoin and Bitcoin Cash repayment to creditors in July.

Read more

Canada CPI Preview: Inflation expected to continue easing in May

Canada CPI Preview: Inflation expected to continue easing in May

The Canadian CPI is expected to rise at an annual rate of 2.6% in May, a tad slower than a 2.7% increase in April. On a monthly basis, the CPI inflation is seen easing to 0.3% in the same period after April’s 0.5% growth. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures