Silver Price Analysis: XAG/USD stays bullish despite latest pullback from $23.00

Silver price pares intraday gains at the highest level in a week during three-day uptrend.
Overbought RSI prods XAG/USD bulls below $23.30-25 resistance confluence.
Sellers need validation from three-day-old resistance line, 100-HMA.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains on the front foot at around $22.95 as it remains firmer for the third consecutive day despite the latest retreat from the intraday high. The quote’s latest pullback could be linked to the overbought RSI (14).

However, the looming bull cross on the MACD and the XAG/USD’s sustained trading beyond the 100-Hour Moving Average (HMA), as well as an ascending trend line from Friday, keeps the Silver buyers hopeful.

As a result, the XAG/USD bulls are all set to prod the convergence of the 200-HMA and a three-week-old horizontal resistance area surrounding $23.30.

Following that, the June 13 swing low of around $23.60 and a downward-sloping resistance line from June 09, close to $23.85 at the latest, could challenge the Silver buyers before directing them to the monthly high of around $24.55.

On the contrary, the aforementioned rising support line from Friday, near $22.80 by the press time, restricts the immediate downside of the Silver price. Also acting as a short-term downside filter is the 100-HMA surrounding $22.60.

In a case where the Silver bears keep the reins past $22.60, the odds of witnessing a slump towards the monthly low of near $22.10 and then to the $22.00 round figure can’t be ruled out.

Silver Price: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	22.92
Today Daily Change	0.14
Today Daily Change %	0.61%
Today daily open	22.78

Trends
Daily SMA20	23.52
Daily SMA50	24.14
Daily SMA100	23.32
Daily SMA200	22.51

Levels
Previous Daily High	22.89
Previous Daily Low	22.42
Previous Weekly High	24.2
Previous Weekly Low	22.11
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.6
Daily Pivot Point S1	22.51
Daily Pivot Point S2	22.23
Daily Pivot Point S3	22.04
Daily Pivot Point R1	22.98
Daily Pivot Point R2	23.17
Daily Pivot Point R3	23.45

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.