Silver Price Analysis: XAG/USD seesaws below $23.30 resistance confluence


  • Silver grinds higher around weekly high after positing the biggest daily gains in a month.
  • 100-DMA, descending trend line from November 26 restricts immediate upside.
  • Bullish MACD signals, clear break of two-month-old resistance keep buyers hopeful.

Silver (XAG/USD) traders jostle around the multi-day top while defending $23.00 heading into Thursday’s European session. The bright metal picks up bids to $23.20 by the press time.

That said, silver prices jumped the most since mid-December the previous day after crossing a downward sloping trend line from November 16.

Although bullish MACD signals join the previous resistance break to favor buyers, a convergence of the 100-DMA and a seven-week-old descending trend line challenges the XAG/USD bulls around $23.30.

It’s worth noting that the last monthly peak near $23.45 acts as an extra hurdle to the north before directing the buyers towards the $23.00 threshold.

Meanwhile, pullback moves may aim for the resistance-turned-support line near $22.95.

However, any further weakness will recall the silver sellers targeting the early December peaks near $22.60 and the monthly low near $21.95.

To sum up, silver prices are likely to stay firmer but need validation from $23.30.

Silver: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 23.18
Today Daily Change -0.01
Today Daily Change % -0.04%
Today daily open 23.19
 
Trends
Daily SMA20 22.75
Daily SMA50 23.2
Daily SMA100 23.29
Daily SMA200 24.68
 
Levels
Previous Daily High 23.22
Previous Daily Low 22.65
Previous Weekly High 23.41
Previous Weekly Low 21.96
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 23
Daily Fibonacci 61.8% 22.87
Daily Pivot Point S1 22.82
Daily Pivot Point S2 22.45
Daily Pivot Point S3 22.25
Daily Pivot Point R1 23.39
Daily Pivot Point R2 23.6
Daily Pivot Point R3 23.97

 

 

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