• Silver prices recover, trading at approximately $22.32 an ounce, marking a 0.27% gain after touching five-week lows at $21.88.
  • Technical analysis reveals a neutral to downward bias, but a 'hammer' pattern formation on the daily chart suggests potential bullish momentum.
  • For a bullish shift, silver needs to surpass the 50-day moving average (DMA) at $22.65, targeting the 200-DMA at $23.25 and the October 20 high at $23.69.

Silver price finds its foot and rises after reaching five-week lows at $21.88 on Monday, and exchanges hands at around $22.32 a troy ounce, late during the North American session, printing gains of 0.27%, at the time of writing.

From a technical standpoint, the grey’s metal is neutral to downward biased, but the daily chart portrays price action is forming a ‘hammer,’ usually a bullish signal, after posting a series of seven successive days registering lower highs and lows, that ended on Monday.

Hence, if XAG/USD would turn bullish, buyers must initially reclaim the 50-day moving average (DMA) at $22.65. A breach of the latter would expose the 200-DMA at $23.25, followed by October 20, the latest cycle high at $23.69. Once cleared, a bullish resumption would be underway.

On the other hand, a drop below the October 13 low of $21.87, would cement a bearish case, with sellers next target being the October 4 swing low of $20.69, followed by the year-to-date (YTD) low of $19.90.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 22.32
Today Daily Change 0.10
Today Daily Change % 0.45
Today daily open 22.22
 
Trends
Daily SMA20 22.87
Daily SMA50 22.7
Daily SMA100 23.19
Daily SMA200 23.25
 
Levels
Previous Daily High 22.74
Previous Daily Low 22.19
Previous Weekly High 23.26
Previous Weekly Low 22.19
Previous Monthly High 23.7
Previous Monthly Low 20.68
Daily Fibonacci 38.2% 22.4
Daily Fibonacci 61.8% 22.53
Daily Pivot Point S1 22.02
Daily Pivot Point S2 21.83
Daily Pivot Point S3 21.47
Daily Pivot Point R1 22.57
Daily Pivot Point R2 22.93
Daily Pivot Point R3 23.12

 

 

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