Silver Price Analysis: XAG/USD threatens the 200-day SMA ahead of eventful week

The XAG/USD gained ground rising towards the 200-day SMA seeing more than 2% daily gains
The 20-day SMA is about to cross below the 200-day SMA; further downside may be on the horizon.
Rising US yields may limit the silver´s upside.

Patricio Martín FXStreet

The XAG/USD rose near the 200-day Simple Moving Average (SMA) towards the $23.20 area, mainly driven by a softer USD. Investors await Thursday's annual Jackson Hole Symposium, which may cause volatility in bond markets and the Silver price dynamics. As for now, US yields are rising, limiting further Silver´s gains.

On Thursday, Jerome Powell from the Federal Reserve (Fed) will deliver a speech at the annual Jackson Hole Symposium, which will likely ramp up volatility in the USD and the US bond market price dynamics. As for now, the US economy is holding firm and inflation is seeing a mixed picture, so clues regarding forward guidance will set the pace for the US yield dynamics and affect the non-yielding Silver.

According to the CME FedWatch tool, markets are confident that the Fed won’t hike in September, while the odds of a 25 basis point (bps) increase rise near 40% in November. However, those bets will likely change after Chair Powell’s speech on Thursday.

XAG/USD Levels to watch

Observing the daily chart, the outlook is neutral to bullish for the short term as the bulls are gaining momentum but still have some work to do. Exhibiting a rising slope below its midline, the Relative Strength Index (RSI) suggests a potential bullish resurgence, while the Moving Average Convergence (MACD) lays out lower red bars. Additionally, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), suggesting that the bears are firmly in control of the bigger picture.

Support levels: $23.00, $22.90, $22.50.

Resistance levels: $23.30 (200-day SMA), $23.50, $24.00.

XAG/USD Daily chart

XAG/USD

Overview
Today last price	23.28
Today Daily Change	0.51
Today Daily Change %	2.24
Today daily open	22.77

Trends
Daily SMA20	23.47
Daily SMA50	23.53
Daily SMA100	24.01
Daily SMA200	23.29

Levels
Previous Daily High	22.89
Previous Daily Low	22.64
Previous Weekly High	23.01
Previous Weekly Low	22.23
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	22.79
Daily Fibonacci 61.8%	22.73
Daily Pivot Point S1	22.64
Daily Pivot Point S2	22.51
Daily Pivot Point S3	22.39
Daily Pivot Point R1	22.89
Daily Pivot Point R2	23.02
Daily Pivot Point R3	23.15

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

AUD/USD remains above 0.7200 after China's trade data

AUD/USD sits above 0.7200 in the Asian session on Tuesday, near its highest level since May 14. The US Dollar stays under pressure as a rallying Japanese Yen outweighs support from hawkish Fed bets and geopolitical tensions. This, along with firming expectations for another RBA rate hike later this month, acts as a tailwind for the Aussie. However, mixed China trade balance data keep the pair restricted.

USD/JPY recovers to 154.00 amid hawkish BoJ repricing

USD/JPY is recovering from six-month lows of 152.89, retesting 154.00 in European trading on Tuesday. However, the upside attempts appear limited as Japan's upbeat wage growth data and Q2 GDP revision cement bets on a BoJ rate hike next week and continue to boost the Japanese Yen. Meanwhile, US Dollar selling remains unabated despite hawkish Fed expectations and rising geopolitical tensions, lending additional support to the pair.

Gold dips below $4,400 as Middle East tensions grow

Gold posts marginal gains for the third straight day amid risk-off sentiment as tensions in the Middle East escalate and Oil prices rally, strengthening the case for higher interest rates in the world's major economies. Against this background, the XAU/USD pair explores prices below $4,400 during the European trading hours, extending its decline from last week’s highs in the $4,500 area.

Ripple and Stellar outlook: Hold bullish bias above EMAs as derivatives back upside

Ripple (XRP) and Stellar (XLM) hold above the key support zones on Tuesday, hinting at an upside move. Derivatives metrics further support the recovery, with both altcoins showing positive funding rates and rising long positions. Derivatives data shows a bullish tilt among XRP and XLM traders.

Europe in focus: September 2026

Six major net contributors demanded substantial cuts to the European Commission’s proposed 2028–2034 EU budget. Germany, Denmark, the Netherlands, Austria, Finland and Sweden issued a joint position on 27 August calling for the nearly €2 trillion proposal to be reduced by several hundred billion euros and rejecting additional common EU borrowing.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.