Silver Price Analysis: XAG/USD seesaws around the 20-DMA at $23.70

Silver’s bounced off daily lows nearby the $23.00 figure and is climbing sharply, gaining 1.33%.
US Dollar continued to weaken, but US Treasury bond yields put a lid on XAG/USD’s rally.
XAG/USD is exposed to selling pressure below $23.60; otherwise, it could re-test the YTD high.

Christian Borjon Valencia FXStreet

Silver price is trimming some of Wednesday’s losses and probes the 20-day Exponential Moving Average (EMA) around $23.65 on a trading session characterized by a weaker US Dollar (USD) and a downbeat market mood spurred by recession fears after dismal US data. Therefore, the XAG/USD is trading at $23.74 after hitting a daily low of $23.17.

Silver Price Analysis: XAG/USD Technical Outlook

Silver's daily chart suggests the white metal could peak around the $24.50s area. The non-yielding metal hasn’t been able to crack the latter, keeping Silver bears hopeful. As XAG/USD has reached higher peaks, the Relative Strength Index (RSI) did not, opening the door for a negative divergence. In addition, the Rate of Change (RoC) in the last two days suggests bearish momentum increased. Hence, a pullback in XAG/USD is on the cards.

For that scenario to play out, the XAG/USD needs to drop below $23.17, so the $23.00 psychological level could be exposed. A breach of the latter will open the door to test the 50-day EMA at $22.87, which, once cleared, will send XAG/USD dropping toward the December 16 low of $22.56.

As an alternate scenario, if Silver reclaims and achieves a daily close above the 20-day EMA, that could pave the way for a re-test of the YTD high of $24.54. Firstly, reclaiming the former would expose the $24.00 handle. The break above will reveal the YTD high at $24.54.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	23.75
Today Daily Change	0.30
Today Daily Change %	1.28
Today daily open	23.45

Trends
Daily SMA20	23.78
Daily SMA50	22.89
Daily SMA100	21.11
Daily SMA200	21.06

Levels
Previous Daily High	24.35
Previous Daily Low	23.42
Previous Weekly High	24.3
Previous Weekly Low	23.22
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.78
Daily Fibonacci 61.8%	23.99
Daily Pivot Point S1	23.14
Daily Pivot Point S2	22.82
Daily Pivot Point S3	22.21
Daily Pivot Point R1	24.06
Daily Pivot Point R2	24.66
Daily Pivot Point R3	24.98

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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