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

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

GBP/USD surges to multi-day peaks past 1.3250

GBP/USD leaves behind Friday’s small pullback and advances past 1.3250 level, or five-day highs, on Monday. Cable’s upside follows extra losses in the Greenback, while traders continue to assess the geopolitical front and upcoming key events.

EUR/USD pops to daily highs near 1.1430

EUR/USD starts the week on a positive note, climbing to as high as the 1.1430 zone, or daily tops, on Monday. The pair’s recovery comes in response to the broad-based US Dollar weakness, while investors continue to monitor developments from the Middle East ahead of the beginning of the ECB's annual forum.

Gold remains supported by $4,000

Gold remains under marked selling pressure, holding on just above the key $4,000 mark per troy ounce at the beginning of the week. The precious metal reverses two daily advances in a row as renewed effervescence in the Middle East revive inflation concerns and bolster Fed rate hike expectations.

Bitcoin four-year cycle: BTC risks 75% drawdown with four months of bear market still ahead

Bitcoin price continues to trend downward below the $60,000 support zone after losing over 50% of its value since the $126,199 high in October. Bitcoin’s four-year cycle, measured from cycle tops to bottoms, suggests that four months of a bear market are still ahead.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.