• Silver prices have rebounded from Monday's four-day low of $23.25, printing gains of over 1.80%.
  • XAG/USD maintains an upward bias, though it would require breaking above the November 17 high of $24.14 to solidify this trend.
  • Silver’s drop below $23.50 might lead to a test of the 200-day moving average (DMA) at $23.29, and further down, the 50-DMA at $23.01.

Silver price erased Monday losses, which witnessed the grey metal dropping to a four-day low of $23.25, climbing more than 1.80%, and trading at around $23.90 a troy ounce at the time of writing.

Market sentiment shifted negatively as Wall Street traded with minuscule losses. The US 10-year Treasury bond yield is almost flat at 4.43%, though it has failed to cap Silver’s advance.

From a technical perspective, XAG/USD is still upward biased but it needs to climb above the November 17 high at $24.14, so it could further cement its bias. Once done, the next resistance would be the August 30 high at $25.00, followed by the July 20 swing high at $25.26.

On the other hand, if XAG/USD remains below $24.00, that would keep sellers hopeful of lower prices. If Silver drops below $23.50, that could pave the way to test the 200-day moving average (DMA) at $23.29, followed by the 50-DMA at $23.01. A breach of the latter would expose the 20-DMA at $22.69.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 23.83
Today Daily Change 0.39
Today Daily Change % 1.66
Today daily open 23.44
 
Trends
Daily SMA20 22.98
Daily SMA50 22.7
Daily SMA100 23.22
Daily SMA200 23.29
 
Levels
Previous Daily High 23.81
Previous Daily Low 23.25
Previous Weekly High 24.15
Previous Weekly Low 21.88
Previous Monthly High 23.7
Previous Monthly Low 20.68
Daily Fibonacci 38.2% 23.46
Daily Fibonacci 61.8% 23.6
Daily Pivot Point S1 23.19
Daily Pivot Point S2 22.93
Daily Pivot Point S3 22.62
Daily Pivot Point R1 23.76
Daily Pivot Point R2 24.07
Daily Pivot Point R3 24.32

 

 

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