Silver Price Analysis: XAG/USD prints slight gains yet remains below $23.00

Silver rises slightly to $22.99, supported by lower US Treasury yields and a weaker Dollar, boosting demand for precious metals.
Facing technical resistance at $23.13-15, with the 200-DMA at $23.28 posing a major obstacle for further gains.
Downside risk if silver breaches $23, eyeing February's lows; success above immediate resistances critical for upward momentum.

Christian Borjon Valencia FXStreet

Silver clings to minuscule gains late in the New York session on Tuesday, up 0.04%, and is trading at around $22.99 a troy ounce. Falling US Treasury bond yields and the Greenback are the main catalysts for the rise in precious metals, while technical resistance levels capped the XAG/USD upside.

XAG/USD rose briefly toward the confluence of the 50 and 100-day Moving Averages (DMAs) at around $23.13-15 during Tuesday’s session but failed to challenge the 200-DMA at $23.28. As a ‘dark cloud cover’ looms, bears dragged Silver’s price below $23.00, which could open the door to test the February 18 low of $22.80. A breach of the latter will accelerate the downtrend towards the February 15 low of $22.35, followed by the $22.00 figure.

Conversely, if buyers reclaim $23.15, that will open the door for further gains. The first resistance would be the 200-DMA at $23.28, followed by the current year-to-date (YTD) high at $24.09.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price	23
Today Daily Change	0.02
Today Daily Change %	0.09
Today daily open	22.98

Trends
Daily SMA20	22.72
Daily SMA50	23.15
Daily SMA100	23.13
Daily SMA200	23.31

Levels
Previous Daily High	23.46
Previous Daily Low	22.94
Previous Weekly High	23.5
Previous Weekly Low	21.93
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	23.14
Daily Fibonacci 61.8%	23.26
Daily Pivot Point S1	22.79
Daily Pivot Point S2	22.61
Daily Pivot Point S3	22.28
Daily Pivot Point R1	23.31
Daily Pivot Point R2	23.64
Daily Pivot Point R3	23.83

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.

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro clings to the bid bias above 1.1500

EUR/USD has picked up pace, reversing Monday’s decline and advancing past the 1.1500 barrier on Tuesday. In the meantime, hopes for a diplomatic solution to the Middle East crisis keep the US Dollar under modest downside pressure, helping spot in its recovery.

Ripple Price Forecast: XRP extends technical weakness despite whales increasing exposure

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Volatility waits for fresh catalyst ahead of US-Iran 'talks'

EU mid-market update: SpaceX and AMD to report after the close; Volatility waits for fresh catalyst ahead of US-Iran 'talks'. - Middle East and energy drives sentiment still.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.