- XAG/USD ascends past the 100-day EMA, powered by dovish remarks from Fed officials and reduced US Treasury yields.
- The technical outlook indicates potential resistance at 20-day and 50-day EMA, respectively, and support at 100-day and 200-day EMAs
- Further upside is expected based on the RSI and 3-period RoC, although key pivot points and daily highs need to be breached for significant gain.
Silver price climbs past the 100-day Exponential Moving Average (EMA) and trades back above the $23.50 area, sponsored by several factors. Firstly, US Federal Reserve (Fed) Vice-Chairman nominee Philip Jefferson delivered dovish remarks alongside Philadelphia Fed’s Patrick Harker, while confidence about passing the US debt-ceiling bill triggered a fall in US Treasury bond yields.
XAG/USD Price Analysis: Technical outlook
From a daily chart perspective, XAG/USD is neutral to upward biased, capped on the upside by the confluence of two daily EMAs: the 20-day at $23.80 and the 50-day at $23.93. Upside risks lie above those levels, exposing the $24.00 figure. Conversely, XAG/USD sellers claiming the 100-day EMA at $23.46 could threaten to challenge the 200-day EMA at $22.84 for the third time.
The XAG/USD hourly chart indicates the white metal is upward biased but facing solid resistance at the R2 pivot point at 23.54, with upside risks at the May 23 daily high of 23.63. A breach of the latter, XAG/USD could climb toward the May 22 high of $23.91. Conversely, the XAG/USD first support would be the R1 daily pivot at $23.36 before slumping toward the central pivot at $23.14. Once cleared, the daily low of $23.07 would be up for grabs, ahead of falling to the S1 pivot point at $22.96.
Of note, oscillators like the Relative Strength Index (RSI) indicator suggest further upside expected alongside the 3-period Rate of Change (RoC).
XAG/USD Price Action – Hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.