Silver Price Analysis: XAG/USD hovers above the 200-DMA as buyers gather momentum

Silver price tests 200-day simple moving average at $23.38, with daily low/high of $22.88/$23.69.
For bullish continuation, silver buyers must keep prices above 200-DMA to challenge the $24.00 area.
If XAG/USD drops below 200-DMA, next support levels are at $23.00, $22.91 (50-DMA), and $22.19 (20-DMA).

Christian Borjon Valencia FXStreet

Silver price gathers steam and tests the 200-day moving average (DMA) at $23.38 at the time of writing. The XAG/USD hit a daily low/high of $22.88 and $23.69 per troy ounce, but as the Greenback (USD) pares some of its earlier losses, the non-yielding metal struggles to stay above the 200-DMA.

From a technical perspective, as the XAG/USD approached the September 22 high at $23.76, price action was rejected shy of the $23.70 area, as the white metal hit a daily/weekly high before reversing its course above the 200-DMA. For a bullish continuation, Silver buyers must keep prices above the latter to challenge the $24.00 area, but first, they must breach the latest cycle mentioned above.

On the flip side, if XAG/USD drops below the 200-DMA, the next floor would emerge at the $23.00 mark, followed by the 50-DMA at $22.91, and the 20-DMA at $22.19.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.39
Today Daily Change	0.31
Today Daily Change %	1.34
Today daily open	23.08

Trends
Daily SMA20	22.22
Daily SMA50	22.92
Daily SMA100	23.3
Daily SMA200	23.33

Levels
Previous Daily High	23.09
Previous Daily Low	22.64
Previous Weekly High	22.82
Previous Weekly Low	21.57
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.92
Daily Fibonacci 61.8%	22.81
Daily Pivot Point S1	22.79
Daily Pivot Point S2	22.49
Daily Pivot Point S3	22.34
Daily Pivot Point R1	23.23
Daily Pivot Point R2	23.38
Daily Pivot Point R3	23.68

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.