Silver Price Analysis: XAG/USD reclaims the 20/50-day EMAs, holds to gains around $23.70

Silver is trapped within the 20 and 50-day Exponential Moving Averages, trendless.
Silver Price Analysis: Sideways but slightly tilted upwards, with buyers eyeing $25.00.

Christian Borjon Valencia FXStreet

Silver price extended its consolidation around the $23.00-$24.50 during the week, capped by the 20 and 50-day Exponential Moving Averages (EMAs), and remains unable to break the range decisively. However, XAG/USD erased some of its earlier losses and shifted positively in the day, trading at $23.71, gaining 0.53%.

Silver Price Analysis: Technical outlook

XAG/USD’s price action has remained sideways for almost a month, around the $23.00-$24.50 range, in the near term. The lack of a catalyst keeps the white metal at around a peak, though it’s too early to call it like that, with the US Federal Reserve’s decision on Wednesday. At the time of typing, the XAG/USD hovers around the 20-day EMA at $23.69, which has been used as a pivot in the last 19, with the price fluctuating around it.

As the XAG/USD continues to rally in the session, a break above the 20-day EMA could pave the way for further upside, being the psychological $24.00 figure, the first supply area. Once cleared, the XAG/USD would be poised to challenge the YTD high at $24.54, followed by the $25.00 mark.

On the flip side, XAG/USD’s fall below the 50-day EMA at $23.10, and Silver will soon test the $23.00 mark. A breach of the latter will send Silver slumping to the YTD low at $22.76, followed by the 100-day EMA at $22.24 and then the 200-day EMA at $21.90.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	23.72
Today Daily Change	0.15
Today Daily Change %	0.64
Today daily open	23.57

Trends
Daily SMA20	23.75
Daily SMA50	23.26
Daily SMA100	21.53
Daily SMA200	21.01

Levels
Previous Daily High	23.81
Previous Daily Low	23.54
Previous Weekly High	24.3
Previous Weekly Low	22.76
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.65
Daily Fibonacci 61.8%	23.71
Daily Pivot Point S1	23.48
Daily Pivot Point S2	23.38
Daily Pivot Point S3	23.21
Daily Pivot Point R1	23.74
Daily Pivot Point R2	23.91
Daily Pivot Point R3	24

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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