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.
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
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.
