Silver Price Forecast: XAG/USD rebounds from $24.10 as the risk-aversion theme underpins bullions

XAG/USD has rebounded from $24.10 as safe-haven appeal underpins bullions against the greenback.
Western leaders might escalate sanctions further if Russia doesn’t call their troops back to their bases.
The market may extend uncertainty as Blinken-Lavrov's meeting call-off.

Sagar Dua FXStreet

Silver (XAG/USD) retreats from the lows of $24.10 in the Asian session as US Secretary of State Antony Blinken abandons meeting with Russian Foreign Minister Sergey Lavrov. The move from the former is the outcome of Moscow’s arbitrariness. The Kremlin has underestimated the threats of imposing sanctions from the Western leaders. This has underpinned the risk-off impulse in the markets and silver jumps eventually.

Russian leader Vladimir Putin labeled two regions in eastern Ukraine as ‘Independent’, which confirmed the warnings from the West that Russia is planning to invade Ukraine. Meanwhile, Moscow also built troops in those regions after getting a green signal and support from separatist leaders. This had forced Western leaders to come out with sanctions on Russia. Adding to that, the Western leaders might escalate sanctions further if Russia doesn’t call their troops back to their bases.

The US dollar index (DXY) is consolidating in a narrow range of 30 pips in the Asian session as it fails to capitalize upon the call-off of the Blinken-Lavrov meeting. Meanwhile, the odds of an aggressive monetary policy by the Federal Reserve (Fed) are losing traction, which has underpinned the silver against the greenback.

XAG/USD Technical Analysis

On a four-hour scale, Silver (XAG/USD) is trading in a rising channel in which every pullback towards the lower trendline is considered as an opportunity to initiate long positions. The 50 and 200 periods Exponential Moving Average (EMA) are trading higher, which indicates that bulls are confident for more upside. The Relative Strength Index (RSI) (14) is comfortably holding above 60.00, showing no signs of divergence and overbought.

XAG/USD

Overview
Today last price	24.14
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	24.14

Trends
Daily SMA20	23.22
Daily SMA50	23.09
Daily SMA100	23.32
Daily SMA200	24.23

Levels
Previous Daily High	24.36
Previous Daily Low	23.91
Previous Weekly High	24.09
Previous Weekly Low	23.08
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	24.19
Daily Fibonacci 61.8%	24.08
Daily Pivot Point S1	23.91
Daily Pivot Point S2	23.68
Daily Pivot Point S3	23.46
Daily Pivot Point R1	24.37
Daily Pivot Point R2	24.6
Daily Pivot Point R3	24.83

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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