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

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