Silver Price Analysis: XAG/USD sees slight gains amid soft US Dollar

Silver gains 0.15% to $22.60, buoyed by a softer USD despite higher Treasury yields.
Indications of bottoming out between $22.15-$22.50, hinting at a potential move towards $23.00.
Death cross' suggests bearish outlook; fall below support might aim for January low at $21.93, then $20.69.

Christian Borjon Valencia FXStreet

Silver price prints minimal gains of 0.15% on Friday even though US Treasury bond yields climbed. Nevertheless, the Greenback remains down, a tailwind for Silver prices, which trade at $22.60 after jumping from a low of $22.37.

XAG/USD is downward biased but has bottomed out at around $22.15-$22.50, which has opened the door for an upward correction. If buyers could lift prices toward $23.00 per troy ounce, that could open the door to test the 100-day Moving Average (DMA) at $23.09, followed by the 50-DMA at $23.26.

On the other hand, a ‘death cross’ formed three days ago on the path of least resistance, a bearish signal that could clear the path for further downside. The next support surfaces at the January 22 low of $21.93, followed by the October 23 pivot low at $20.69.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price	22.61
Today Daily Change	0.03
Today Daily Change %	0.13
Today daily open	22.58

Trends
Daily SMA20	22.73
Daily SMA50	23.33
Daily SMA100	23.12
Daily SMA200	23.38

Levels
Previous Daily High	22.64
Previous Daily Low	22.14
Previous Weekly High	23.33
Previous Weekly Low	22.4
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.45
Daily Fibonacci 61.8%	22.33
Daily Pivot Point S1	22.27
Daily Pivot Point S2	21.96
Daily Pivot Point S3	21.78
Daily Pivot Point R1	22.76
Daily Pivot Point R2	22.95
Daily Pivot Point R3	23.26

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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