Silver Price Analysis: XAG/USD stumbles, falling back into $23

Silver trips and tumbles in Monday trading, heading towards $23.00.
The XAG/USD failed to capture $23.80 on Friday, and Silver is heading back into recent swing low territory.
A bouncing US Dollar Index is seeing the XAG/USD take a step lower.

Joshua Gibson FXStreet

Silver is falling further back to kick off the new trading week, testing into familiar lows after last Friday's bounce couldn't be sustained.

The Federal Reserve (Fed) is set to see interest rates holding higher for longer than previously expected, and the boost to the US Dollar Index (DXY) is capping off recent upside swings for the XAG/USD.

After the Fed upped their interest rate forecast, or "dot plot" last week, the US central bank expects interest rates to only decline half a percent by the end of 2024. The Federal Open Market Committee (FOMC) previously saw end-2024 rates at 4.6%, but sticky inflation complications saw the Fed up their forecast to 5.1%.

XAG/USD technical outlook

On the hourly candles, Silver is looking to build a floor near the 200-hour Simple Moving Average (SMA) near $23.15 after tumbling around 2.5% from Monday's highs near $23.65.

Intraday upside momentum will be looking to recapture familiar territory north of the 100-hour SMA currently settling near $23.35.

Silver is suffering from a notable lack of meaningful trend momentum in the long-term, with the XAG/USD cycling the 200-day SMA on daily candlesticks.

Price action is constrained to the middle as Silver consolidates, with lower highs and slightly higher lows trapping XAG/USD into the midrange.

Swing lows are pricing in near $22.40, with the top end set to run into a descending trendline near $24.40.

XAG/USD daily chart

XAG/USD technical levels

XAG/USD

Overview
Today last price	23.11
Today Daily Change	-0.44
Today Daily Change %	-1.87
Today daily open	23.55

Trends
Daily SMA20	23.51
Daily SMA50	23.67
Daily SMA100	23.63
Daily SMA200	23.47

Levels
Previous Daily High	23.78
Previous Daily Low	23.39
Previous Weekly High	23.78
Previous Weekly Low	22.81
Previous Monthly High	25.02
Previous Monthly Low	22.23
Daily Fibonacci 38.2%	23.63
Daily Fibonacci 61.8%	23.54
Daily Pivot Point S1	23.37
Daily Pivot Point S2	23.19
Daily Pivot Point S3	22.98
Daily Pivot Point R1	23.75
Daily Pivot Point R2	23.96
Daily Pivot Point R3	24.14

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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