Silver Price Analysis: XAG/USD hovers around $22.80, grapples with 50-DMA in lackluster trade

Silver price seesaw from daily high of $23.69 to low of $22.88, closing at $22.81.
Key resistance levels at 50-DMA of $22.94 and 200-DMA of $23.29 cap potential rally attempts.
Downside support at $23.00, with further levels at the October 26 low of $22.44 and 20-day EMA of $22.21.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) is almost flat during Thursday’s session after seesawing in a volatile day, reaching a daily high of $23.69 before diving towards its low of $22.88. As the Wall Street close looms, the XAG/USD trades at $22.81, registering losses of 0.12%.

The daily chart portrays the pair as neutral to downward biased, as the XAG/USD sits below the 50 and 200-day moving averages (DMAs), which would cap any rallies intents at $22.94 (50-DMA) and $23.29 (200-DMA). If those two levels are cleared, the next stop would be the top of the Bollinger-Band at $23.71, followed by $24.00.

On the downside, the first key support level lies at $23.00, followed by the October 26 low of $22.44. A breach of the latter would expose the 20-day Exponential Moving Average (EMA) at $22.21, before challenging the $22.00 mark.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.82
Today Daily Change	-0.04
Today Daily Change %	-0.17
Today daily open	22.86

Trends
Daily SMA20	22.22
Daily SMA50	22.96
Daily SMA100	23.28
Daily SMA200	23.31

Levels
Previous Daily High	23.02
Previous Daily Low	22.56
Previous Weekly High	23.7
Previous Weekly Low	22.37
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.73
Daily Fibonacci 61.8%	22.84
Daily Pivot Point S1	22.6
Daily Pivot Point S2	22.35
Daily Pivot Point S3	22.14
Daily Pivot Point R1	23.07
Daily Pivot Point R2	23.28
Daily Pivot Point R3	23.54

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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