• Silver jumps to $22.93, buoyed by gains on Wall Street and a decline in US Treasury yields.
  • Technical analysis suggests a push above $23.00 needed to shift from bearish to neutral outlook.
  • Key resistance ahead at 50-day, 100-day, and 200-day SMAs, with potential targets extending to $24.00.

Silver prices advanced in the mid-North American session on Friday amid an upbeat market mood as depicted by Wall Street’s posting gains. That and a drop in US Treasury yields sponsored a leg-up in the grey metal. At the time of writing, the XAG/USD exchanges hands at $22.93, up by 0.86%.

From a technical standpoint, the XAG/USD remains downward biased despite pushing through the $22.90 figure, but it remains shy of shifting neutral. If buyers would like to regain control, they must break stir resistance levels above $23.00. The first level would be the 50-day SMA at $23.08, followed by the 100-day SMA at $23.18. Once those two levels are taken out, the 200-day SMA would appear at $23.27 before rallying toward the next supply level at $24.00.

On the flip side, sellers need to keep XAG/USD’s spot price below $23.00 if they would like to remain in charge. In that event, they could drag Silver toward the February 23 low of $22.57, followed by the February 14 cycle low of $21.94.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 22.95
Today Daily Change 0.20
Today Daily Change % 0.88
Today daily open 22.75
 
Trends
Daily SMA20 22.76
Daily SMA50 23.11
Daily SMA100 23.19
Daily SMA200 23.29
 
Levels
Previous Daily High 23.16
Previous Daily Low 22.74
Previous Weekly High 23.5
Previous Weekly Low 21.93
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.9
Daily Fibonacci 61.8% 23
Daily Pivot Point S1 22.61
Daily Pivot Point S2 22.46
Daily Pivot Point S3 22.19
Daily Pivot Point R1 23.03
Daily Pivot Point R2 23.31
Daily Pivot Point R3 23.45

 

 

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