Silver Price Analysis: XAG/USD Fails Again To Hold Above $24.20

By Guillermo Alcala of FXStreet

Where Forex Never Rests • Dec 27, 2022 at 12:43 PM EST

Silver is having a positive but volatile day on Tuesday.

Money, Money Tower, Coins, Euro, € Coin, Specie

Image Source: Pixabay

Silver is having a positive but volatile day on Tuesday. Recently XAG/USD rebounded from a session low at $23.80 to $24.28, matching last week high and then pulled back. It is hovering around $24.00 with a bullish bias, still facing important resistance ahead.

The improvement in risk appetite at the beginning of the week boosted commodities, particularly after last week’s US inflation data. At the same time, bonds in the US and Europe dropped. Higher yields limited the upside in Gold, the decline of the Dollar, and the break above $24.25/30 of XAG/USD.

As of writing, XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction ahead with an initial target at $23.55 and then $23.35 (Dec 22 low).

A firm break above $24.25 would clear the way to more gains targeting $24.55 and then the $25.00 zone.

XAG/USD 4-hour chart

(Click on image to enlarge)

XAGUSD

Technical levels

More By This Author:

EUR/USD Rejected At 1.0665, Remains Steady Above 1.0640
Forex Today: US Dollar Weakens To Start Last Trading Week Of 2022
Gold Price Forecast: XAU/USD Stays Firmer On Easing Hawkish Fed Bets, Optimism Surrounding China

Disclaimer:

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.

STOCKS IN THIS ARTICLE

Also Mentions:

Comments

Back to all articles