Silver Price Analysis: XAG/USD hurdles key supports, challenges trendline around $22.70

Silver continues to sink, after hitting $24.63, so far down 10.41% since last week.
The XAG/USD is bearishly biased, with sellers eyeing $21.88.
If Silver buyers reclaim $23.00, upside risks emerge with key resistance levels at the 100 and 200 DMAs.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) dives during the North American session, though it remains above a two-month-old support trendline that passes at around the $22.70 area. At the time of writing, the XAG/USD is trading at around $22.74, down by 1.02%.

XAG/USD’s daily chart portrays the grey metal as downward biased but its downtrend stalled at a support level. If sellers would like to challenge the November 13 swing low, they must regain the $22.50 area, followed by the $22.00 per troy ounce figure. That would keep the bears in charge and could open the door to test October’s low of $20.69.

For a bullish resumption, XAG/USD buyers need to reclaim the $23.00 mark and the 50-day moving average (DMA) at $23.09. If those two levels are surpassed, bulls could target the 100 and 200-DMAs, each at $23.22 and $23.50, respectively. Once cleared the $24.00 figure would emerge as the next stop.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.78
Today Daily Change	-0.25
Today Daily Change %	-1.09
Today daily open	23.03

Trends
Daily SMA20	24
Daily SMA50	23.07
Daily SMA100	23.26
Daily SMA200	23.49

Levels
Previous Daily High	23.9
Previous Daily Low	22.94
Previous Weekly High	25.92
Previous Weekly Low	22.94
Previous Monthly High	25.27
Previous Monthly Low	21.88
Daily Fibonacci 38.2%	23.31
Daily Fibonacci 61.8%	23.53
Daily Pivot Point S1	22.68
Daily Pivot Point S2	22.34
Daily Pivot Point S3	21.73
Daily Pivot Point R1	23.64
Daily Pivot Point R2	24.24
Daily Pivot Point R3	24.59

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.

AUD/USD consolidates near 0.7000 as USD stays weak

AUD/USD holds steady above 0.7000 during Thursday’s Asian session, consolidating the previous day’s recovery gains from a near three-week low as the Democratic sweep in the US midterm elections and Iran diplomacy hopes continue to weigh on the US Dollar. Bulls, however, seem hesitant as focus shifts to Friday’s crucial US NFP report.

USD/JPY drifts lower to 158.25 on hawkish BoJ Minutes, weak USD

USD/JPY trades with a negative bias for the second straight day on Thursday as hawkish BoJ Minutes, showing members agreed to keep raising rates, and intervention risks support the Japanese Yen. Meanwhile, US midterm election results and hopes for Iran diplomacy keep the US Dollar depressed as focus shifts to Friday’s US NFP report.

Gold consolidates gains around $4,100

Gold now surrenders part of its initial bull run, although it sticks to the $4,100 region per troy ounce on Thursday. The yellow metal extends it recovery on the back of the lacklustre performance of the US Dollar and declining US Treasury yields following the US midterms elections.

The memory trade collapses as Sandisk sheds 17%, Micron sinks to May levels

If Wednesday's stock market rally was a broad vote of confidence in the Democratic sweep of the US midterm elections, Thursday is the other side of that coin. While the AI sell-off already began on Wednesday, it has kicked into higher gear on Thursday. The NASDAQ Composite has swung to a 4% loss in the morning regular session, while the S&P 500 and Dow Jones also shed Wednesday's gains.

NFP stress test: Six payrolls releases, measured in daily-loss limits

Friday's US employment report is usually previewed in terms of the headline number and the reaction in the Dollar. For a growing group of traders, those running funded or evaluation accounts with a fixed daily loss limit, there is a more practical question: how much of that limit can the first hour consume, regardless of direction?

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.