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.

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