Silver Price Analysis: XAG/USD rally stalls at around 200-DMA, bears eye $22.00

XAG/USD trades at around $22.85, a modest gain of 0.29%.
Supports are identified at the psychological level of $22.50, the 50-DMA at $22.85, and the 20-DMA at $22.21.
Immediate resistance lies at the 200-DMA at $23.31, with a key hurdle at the recent cycle high of $23.76.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) clings to gains although US Treasury bond yields continued to rise. However, the white-metal, failed to reclaim the 200-day moving average (DMA), leaving Silver exposed to selling pressure, but at the time of writing, exchanges hands at $22.85, gaining 0.29%.

The daily chart portrays XAG/USD as neutral-downward biased, as the market structure registers lower highs and lower lows. Even though Silver has rallied from around October lows of $20.65, the ongoing rally is an impulse, which needs to clear the latest cycle high of $23.76. to pave the way for a bullish resumption.

Consequently, as XAG/USD’s downtrend remains in place, the current uptrend offers sellers a better entry price. Silver’s first support would be the psychological $22.50 figure after the white metal dropped below the 50=DMA at $22.85. Once those two areas are cleared, the next support would emerge at the 20-DMA at $22.21, followed by the $22.00 mark. Conversely, if XAG/USD climbs past the $23.00 figure, a challenge on the 200-DMA at $23.31 is on the cards.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.86
Today Daily Change	0.06
Today Daily Change %	0.26
Today daily open	22.8

Trends
Daily SMA20	22.25
Daily SMA50	22.91
Daily SMA100	23.31
Daily SMA200	23.33

Levels
Previous Daily High	23.01
Previous Daily Low	22.37
Previous Weekly High	22.82
Previous Weekly Low	21.57
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.77
Daily Fibonacci 61.8%	22.62
Daily Pivot Point S1	22.45
Daily Pivot Point S2	22.09
Daily Pivot Point S3	21.81
Daily Pivot Point R1	23.08
Daily Pivot Point R2	23.36
Daily Pivot Point R3	23.72

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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