Silver Price Analysis: XAG/USD struggles to build on modest gains below 200-hour SMA

Silver struggles to capitalize on a modest uptick and fails near the $23.80 support breakpoint.
The mixed technical setup warrants some caution before placing aggressive directional bets.
A sustained move beyond the $24.50 area is needed to negate any near-term negative outlook.

Haresh Menghani FXStreet

Silver builds on Friday's modest bounce from the $23.30 area and gains some positive traction on the first day of a new week. The white metal, however, struggles to capitalize on the strength and remains capped near the $23.70-$23.80 confluence support breakpoint, comprising the 200-hour SMA and the lower end of a short-term ascending channel.

From a technical perspective, last week's break below the aforementioned confluence support suggests that the near-term bias might have already shifted in favour of bearish traders. That said, oscillators on daily/hourly charts - though they have been losing momentum - are yet to confirm the negative outlook. This, in turn, warrants some caution before positioning for any further depreciating move.

In the meantime, Friday's swing low, around the $23.30 region, now seems to act as immediate support. A convincing break below will make the XAG/USD vulnerable to weaken below the $23.00 mark and test the next relevant support near the $22.75 area. The downward trajectory could eventually drag the white metal towards the $22.20-$22.15 intermediate support en route to the $22.00 round figure.

On the flip side, momentum beyond the $23.70-$23.80 support-turned-resistance, might confront hurdle near the $24.00 mark. This is followed by last week's peak, around the $24.30 region, and the $24.50-$24.55 supply zone, or a multi-month peak touched on January 3. A sustained above should allow the XAG/USD to aim back to reclaim the $25.00 psychological mark for the first time since April 2022.

Silver 1-hour chart

Key levels to watch

XAG/USD

Overview
Today last price	23.7
Today Daily Change	0.14
Today Daily Change %	0.59
Today daily open	23.56

Trends
Daily SMA20	23.77
Daily SMA50	23.21
Daily SMA100	21.49
Daily SMA200	21.01

Levels
Previous Daily High	24.01
Previous Daily Low	23.3
Previous Weekly High	24.3
Previous Weekly Low	22.76
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.57
Daily Fibonacci 61.8%	23.74
Daily Pivot Point S1	23.24
Daily Pivot Point S2	22.92
Daily Pivot Point S3	22.53
Daily Pivot Point R1	23.95
Daily Pivot Point R2	24.33
Daily Pivot Point R3	24.66

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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