Silver Price Analysis: XAG/USD Rally As Buyers Reclaim The 200-DMA
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Silver price climbs on Wednesday, following last Tuesday’s soft US inflation report, which sent US Treasury bond yields plummeting on expectations the US Federal Reserve is done hiking rates. Hence, the XAG/USD advances sharply, reaching key resistance levels like the 200-day moving average (DMA) at $23.26. If Silver bulls hold price above the latter, the uptrend would likely continue toward year’s end, as buyers target $24.00. The XAG/USD is trading at $23.40, up 1.47%.
From a daily standpoint, the grey metal is neutrally biased, though about to shift neutral-upwards if buyers reclaim the latest cycle high seen at $23.69, October 20 daily high. Upside risks remain above that level, with a seven-month-old resistance trendline at $23.80-90, before challenging $24.00 a troy ounce.
On the other hand, if XAG/USD couldn’t remain above the 200-DMA, that could exacerbate a pullback toward the 20-DMA at $22.89, before sliding to the 50-DMA at $22.64 before challenging the November 13 swing low of $21.88.
XAG/USD Price Analysis – Daily Chart
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XAG/USD Technical Levels
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 23.43 |
| Today Daily Change | 0.32 |
| Today Daily Change % | 1.38 |
| Today daily open | 23.11 |
| TRENDS | |
|---|---|
| Daily SMA20 | 22.87 |
| Daily SMA50 | 22.66 |
| Daily SMA100 | 23.19 |
| Daily SMA200 | 23.26 |
| LEVELS | |
|---|---|
| Previous Daily High | 23.19 |
| Previous Daily Low | 22.3 |
| Previous Weekly High | 23.26 |
| Previous Weekly Low | 22.19 |
| Previous Monthly High | 23.7 |
| Previous Monthly Low | 20.68 |
| Daily Fibonacci 38.2% | 22.85 |
| Daily Fibonacci 61.8% | 22.64 |
| Daily Pivot Point S1 | 22.54 |
| Daily Pivot Point S2 | 21.98 |
| Daily Pivot Point S3 | 21.65 |
| Daily Pivot Point R1 | 23.43 |
| Daily Pivot Point R2 | 23.76 |
| Daily Pivot Point R3 | 24.32 |
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