Silver Price Analysis: XAG/USD tests 23.6% Fibo. level, around $22.65-70 area


  • Silver built on its goodish recovery move from the $22.00 mark, or YTD lows touched on Monday.
  • Mixed oscillators on hourly/daily charts warrant some caution before placing fresh bullish bets.

Silver gained some positive traction on Tuesday and moved away from the lowest level since November 2020, around the $22.00 mark touched in the previous day. The commodity, for now, seems to have snapped three consecutive days of the losing streak and was last seen trading around the $22.60-65 region, up over 1.50% for the day.

The mentioned area lies just ahead of the 23.6% Fibonacci level of the $24.87-$22.04 recent leg down. Some follow-through selling will be seen as a fresh trigger for bullish traders and set the stage for additional gains. The outlook is reinforced by the fact that technical indicators on hourly charts have been gaining positive traction.

That said, oscillators on the daily chart are still holding deep in the bearish territory and warrant some caution for bullish traders. Hence, any subsequent move up might still be seen as a selling opportunity and runs the risk of fizzling out quickly near the $23.00 mark. This is closely followed by the 38.2% Fibo. level, near the $23.10 region.

On the flip side, the $22.25 area now seems to protect the immediate downside ahead of YTD lows, around the $22.00 mark. A convincing break below will be seen as a fresh trigger for bearish traders and turn the XAG/USD vulnerable. The commodity might then accelerate the fall further towards testing September 2020 swing lows, around the $21.65 region.

Silver 4-hour chart

fxsoriginal

Technical levels to watch

XAG/USD

Overview
Today last price 22.63
Today Daily Change 0.36
Today Daily Change % 1.62
Today daily open 22.27
 
Trends
Daily SMA20 23.79
Daily SMA50 24.32
Daily SMA100 25.68
Daily SMA200 25.86
 
Levels
Previous Daily High 22.52
Previous Daily Low 22.04
Previous Weekly High 23.97
Previous Weekly Low 22.33
Previous Monthly High 26
Previous Monthly Low 22.17
Daily Fibonacci 38.2% 22.22
Daily Fibonacci 61.8% 22.33
Daily Pivot Point S1 22.03
Daily Pivot Point S2 21.79
Daily Pivot Point S3 21.55
Daily Pivot Point R1 22.51
Daily Pivot Point R2 22.76
Daily Pivot Point R3 23

 

 

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