- Silver price remains underpinned by a soft US Dollar and depressed US bond yields.
- XAG/USD Price Analysis: A daily close above $23.00 could exacerbate a rally toward YTD highs.
Silver price advances sharply to fresh six-week highs in the North American session, courtesy of a weak US Dollar (USD), which remains downward pressured by falling US Treasury bond yields. Hence, the XAG/USD is trading at $23.12 after hitting a daily low of $22.76.
XAG/USD Price action
During the Federal Reserve’s (Fed) monetary policy decision, the XAG/USD traded sideways around the $22.20s area before the US Treasury bond yields tumbled. After that, Silver rallied and tested the $23.00 figure before pulling back and closing at $22.97. However, Thursday’s price action resumed upwards, with buyers piling around the $22.70 area, and lifted XAG/USD price above the $23.00 mark.
Although the XAG/USD bias is neutral, the 20-day Exponential Moving Average (EMA) at $21.87 exceeded the 200-day EMA at $21.83. That could exacerbate another leg-up in Silver prices, and the white metal could test the YTD high at $24.63.
The XAG/USD first resistance would be the February 3 daily high at $23.59. Once cleared, the XAG/USD will be headed toward the $24.00 mark. Once broken, Silver will be poised to test the YTD high at $24.63.
In an alternate scenario, the XAG/USD first support would be $23.00. A daily close below the latter will keep XAG/USD price downward pressured.
XAG/USD Daily chart
XAG/USD Technical levels
|Today last price||23.17|
|Today Daily Change||0.20|
|Today Daily Change %||0.87|
|Today daily open||22.97|
|Previous Daily High||23.07|
|Previous Daily Low||22.27|
|Previous Weekly High||22.61|
|Previous Weekly Low||20.54|
|Previous Monthly High||24.64|
|Previous Monthly Low||20.42|
|Daily Fibonacci 38.2%||22.77|
|Daily Fibonacci 61.8%||22.58|
|Daily Pivot Point S1||22.47|
|Daily Pivot Point S2||21.97|
|Daily Pivot Point S3||21.67|
|Daily Pivot Point R1||23.27|
|Daily Pivot Point R2||23.57|
|Daily Pivot Point R3||24.07|
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