Silver Price Analysis: XAG/USD is range-bound within $23.30$24.00

Silver prices dived more than 2% on Monday as US Treasury yields gained traction.
Silver Price Analysis: In consolidation, though appears to be peaking around $24.00.

Christian Borjon Valencia FXStreet

Silver prices appear to have peaked following Monday’s price action, with the white metal unable to hold to the $24.00 figure, collapsing as low as $22.76, beneath the 50-day Exponential Moving Average (EMA) at $22.93, though trimmed some of its earlier losses. Nevertheless, the XAG/USD is still down 2%, exchanging hands at $23.44.

Silver Price Analysis: XAG/USD Technical Outlook

XAG/USD prices, throughout Monday’s session, have been trading in a wide range but reclaimed a 22-day upslope support trendline that passes around $23.30. Although it erased some of its earlier losses, the XAG/USD has fallen short of reclaiming the 20-day Exponential Moving Average (EMA) at $23.67. Therefore, Silver would consolidate around the $23.30-$24.00 area unless it cracks the top/bottom of the range.a breach of the day’s high of $24.15 would put into play the YTD high of $24.54 and the psychological $25.00 mark.

As an alternative scenario, the XAG/USD first support would be $23.00. Once cleared, the XAG/USD next support would be the 50-day EMA at $22.93, followed by the 100-day EMA at $22.05.

Oscillator-wise, the Relative Strength Index (RSI) crossed below its 50-midline, so further downside is expected, while the Rate of Change (RoC) suggests that buyers stepped in around Wall Street’s close.

Therefore, the XAG/USD remains neutral biased in the near term.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	23.45
Today Daily Change	-0.49
Today Daily Change %	-2.05
Today daily open	23.94

Trends
Daily SMA20	23.8
Daily SMA50	22.98
Daily SMA100	21.23
Daily SMA200	21.04

Levels
Previous Daily High	24.08
Previous Daily Low	23.71
Previous Weekly High	24.51
Previous Weekly Low	23.17
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.94
Daily Fibonacci 61.8%	23.85
Daily Pivot Point S1	23.74
Daily Pivot Point S2	23.54
Daily Pivot Point S3	23.36
Daily Pivot Point R1	24.11
Daily Pivot Point R2	24.28
Daily Pivot Point R3	24.48

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.

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