Silver Price Analysis: XAG/USD Retraces Toward $22.20s On Upbeat Mood, Dragonfly Doji Surfaces

Silver price reversed its bullish course, dropping around 1.20% late in the mid-North American session. After hitting a seven-week high of $22.71 on Monday, the XAG/USD has retraced some of those gains, trading nearby March’s 20 daily low of $22.22. At the time of writing, the XAG/USD is trading at $22.29, down 0.27 percent.

XAG/USD Price action

The week began with the white metal printing a new multi-week high before reversing and closing above $22.50. On its way north, the XAG/USD reclaimed the 200-day EMA, shifting the white metal bias to neutral upwards. Nevertheless, a dragonfly doji emerged at the daily, exacerbating Silver’s fall toward the $22.20 area.

If XAG/USD tumbles below $22.00, that would pave the way for a dip to the 50-day EMA at $21.91, immediately followed by the 100-day EMA At $21.89. Once cleared, the 200-day EMA at $21.81 would be next, ahead of falling to the 20-day EMA at $21.60.

Conversely, the XAG/USD first resistance would be the March 17 daily high at $22.59, followed by the March 20 high at $22.71. Upside risks remain above $23.00.

XAG/USD Daily chart

(Click on image to enlarge)

XAG/USD Daily chart

XAG/USD Technical levels

More By This Author:

WTI Stays Firm At Around $67.60s After Diving To Fresh YTD Lows
Gold Price Forecast: XAU/USD Gains More Than 3%, Approaches $2,000
WTI Climbs On Risk-on Impulse, And Saudi-Russia Meeting Eased Fears

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 ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.