Silver Price Analysis: XAG/USD poised to test last week’s highs after reclaiming $23.00

Silver’s daily chart indicates a neutral to upward bias, although the 20-day EMA crossed above the 50-day EMA.
The appearance of back-to-back hammers on Friday and Monday could signal a possible pullback.
XAG/USD Price Analysis: Bounces off 20-EMA, set to challenge resistance at $23.09

Christian Borjon Valencia FXStreet

Silver price clashes with solid resistance and dwindles after hitting a daily high of $23.26. At the time of writing, the white metal is down 0.69%, trading at $23.06, a troy ounce.

XAG/USD Price action

Silver’s daily chart suggests the XAG/USD is neutral to upward biased, with the 20-day Exponential Moving Average (EMA) crossing above the 50-day EMA. Nevertheless, back-to-back hammers, last Friday’s inverted and Monday’s price action, could open the door for a pullback. In bullish territory, the Relative Strength Index (RSI) favors higher prices, but its slope turned south, while the Rate of Change (RoC) is neutral. That said, mixed signals warrant caution.

Short-term, the XAG/USD 4-hour chart indicates the pair is consolidating. The XAG/USD dipped toward the 20-EMA at $22.93, bouncing off and reclaiming the $23.00 figure. That, alongside the recent cross of the 100-EMA over the 200-EMA, could exacerbate a rally toward new YTD highs. Additionally, the Relative Strength Index (RSI) and the Rate of Change (RoC) shifted upwards.

Given the backdrop, the XAG/USD first resistance would be the March 27 high at $23.09. Once cleared, the white metal would be poised to test, the last week was high at $23.52 before challenging $24.00.

XAG/USD 4-hour chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	23.08
Today Daily Change	-0.16
Today Daily Change %	-0.69
Today daily open	23.24

Trends
Daily SMA20	21.51
Daily SMA50	22.24
Daily SMA100	22.48
Daily SMA200	20.98

Levels
Previous Daily High	23.52
Previous Daily Low	22.97
Previous Weekly High	23.52
Previous Weekly Low	22.16
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	23.31
Daily Fibonacci 61.8%	23.18
Daily Pivot Point S1	22.97
Daily Pivot Point S2	22.69
Daily Pivot Point S3	22.41
Daily Pivot Point R1	23.52
Daily Pivot Point R2	23.8
Daily Pivot Point R3	24.08

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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