Silver Price Analysis: XAG/USD rallies toward $23.00 shy of 100-DMA

Silver jumps over 2.50%, as lower US bond yields boost appeal.
Potential 'morning star' formation hints at upside if silver surpasses the $22.94 mark.
Resistance at $23.08-$23.13 and support at $22.45 and $22.00 critical for next moves.

Christian Borjon Valencia FXStreet

Silver price surged sharply in Thursday’s session after hitting a daily low of $22.35, as US Treasury bond yields plunged, a tailwind for the grey metal. The XAG/USD trades at $22.92, up by more than 2.50%, with traders eyeing a break of stir resistance.

XAG/USD Price Analysis: Technical outlook

XAG/USD remains neutral to downward bias because it remains below the 100, 50, and 200-day moving averages (DMAs). Nevertheless, a daily close above the February 13 high of $22.94 would form a ‘morning star,’ opening the door for further upside. If buyers reclaim the $23.00 figure, that will open the door to challenge the confluence of the 100 and 50-DMA at around $23.08-$23.13. A breach of the latter, the next stop would be the 200-DMA at $23.29.

Conversely, if the non-yielding metal remains below $23.00, the first support emerges at the February 14 high at $22.45. Once cleared, the next support would be the $22.00 figure, followed by the February 14 at $21.94.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	22.92
Today Daily Change	0.58
Today Daily Change %	2.60
Today daily open	22.34

Trends
Daily SMA20	22.63
Daily SMA50	23.16
Daily SMA100	23.1
Daily SMA200	23.32

Levels
Previous Daily High	22.46
Previous Daily Low	21.93
Previous Weekly High	22.75
Previous Weekly Low	22.14
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.26
Daily Fibonacci 61.8%	22.13
Daily Pivot Point S1	22.03
Daily Pivot Point S2	21.72
Daily Pivot Point S3	21.51
Daily Pivot Point R1	22.56
Daily Pivot Point R2	22.77
Daily Pivot Point R3	23.08

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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