Silver Price Analysis: XAG/USD moves away from over two-month low, not out of the woods yet

Silver stages a goodish recovery from over a two-month low touched on Monday.
The setup favours bears and supports prospects for the emergence of fresh selling.
A sustained strength beyond the $23.00 mark is needed to negate the negative bias.

Haresh Menghani FXStreet

Silver (XAG/USD) attracts some buyers on Tuesday and for now, seems to have snapped a two-day losing streak to sub-$22.00 levels, or its lowest level since November 13 touched the previous day. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $22.30-$22.35 region, up over 1% for the day.

From a technical perspective, the recent repeated failures near the 200-day Simple Moving Average (SMA) resistance, which coincided with a downward sloping trend-line extending from the December swing high, favours bearish traders. Moreover, oscillators on the daily chart are holding deep in the negative territory and are still far from being in the oversold zone. This, in turn, suggests that the path of least resistance for the XAG/USD is to the downside.

Hence, any subsequent move up might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $22.70-$22.75 region. This is followed by the $23.00 round-figure mark, which should now act as a pivotal point. A sustained strength beyond the latter might trigger a short-covering rally and lift the XAG/USD beyond the $23.20-$23.25 intermediate hurdle, towards retesting the 200-day SMA barrier, currently pegged near mid-$23.00s.

Some follow-through buying will suggest that the white metal has formed a near-term bottom and shift the bias in favour of bullish traders. The subsequent move up might then allow the XAG/USD to reclaim the $24.00 round figure and climb further towards the next relevant resistance around the $24.40-$24.50 region.

On the flip side, bearish traders need to wait for acceptance below the $22.00 mark. The XAG/USD might then turn vulnerable to test the $21.40-$21.35 intermediate support before eventually dropping to the $21.00 round figure. The downward trajectory could extend further towards challenging the October monthly swing low, around the $20.70-$20.65 region.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	22.3
Today Daily Change	0.22
Today Daily Change %	1.00
Today daily open	22.08

Trends
Daily SMA20	23.2
Daily SMA50	23.67
Daily SMA100	23.17
Daily SMA200	23.55

Levels
Previous Daily High	22.66
Previous Daily Low	21.93
Previous Weekly High	23.33
Previous Weekly Low	22.42
Previous Monthly High	25.92
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	22.21
Daily Fibonacci 61.8%	22.38
Daily Pivot Point S1	21.78
Daily Pivot Point S2	21.49
Daily Pivot Point S3	21.04
Daily Pivot Point R1	22.52
Daily Pivot Point R2	22.96
Daily Pivot Point R3	23.25

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

AUD/USD turns lower toward 0.7000 after mixed Australian jobs data

AUD/USD is losing ground toward 0.7000 in the Asian session on Thursday, following the release of the Australian August jobs report, which showed that the Unemployment Rate rose to 4.6% versus 4.5% expected, while Employment Change beat estimates, arriving at 39.5K. Traders also remain unnerved ahead of the critical Trump-Xi meeting.

USD/JPY keeps the red near 158.00 as Japanese Yen firms up

USD/JPY retreats from three-week highs and holds losses near 158.00 in the Asian session on Thursday. Surging Japanese bond yields lift the Yen amid looming intervention risks, while the US Dollar preserves overnight gains to a two-month high amid hawkish Fed bets and elevated US bond yields.

Gold flat lines below $4,300 as Fed hike bets cap upside ahead of Trump-Xi meet

Gold is consolidating near a one-week low, touched during the Asian session, as traders wait on the sidelines ahead of a crucial meeting between US President Donald Trump and his Chinese counterpart Xi Jinping. Expectations for a major announcement are low, though market players will look for any progress on rare earths, technology restrictions, and an extension of the current US-China truce.

Bitcoin slips to $84,000 on rate hike bets – Worldcoin, Pepe lead losses

Bitcoin (BTC) price trades below $84,000 on Thursday, extending losses after a 2% decline the previous day. The pullback aligns with renewed inflation and rate-hike concerns, as US composite and services PMIs rose to 58.4 and 58.7 in September. Worldcoin (WLD) and Pepe (PEPE) recorded double-digit losses over the last 24 hours, emerging as the worst performers.

US Treasury Secretary Bessent says US-China trade truce extended through January 10

US Treasury Secretary Scott Bessent said that the United States and China have agreed to extend a bilateral trade truce that was set to expire in November through January 10, Blomoberg reported on Wednesday. This move came after Bessent and China’s Vice Premier He Lifeng held an unscheduled meeting in Washington.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.