Silver Price Analysis: XAG/USD Edged Up But Faltered Shy Of 200-DMA

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Silver's recent rally to $23.52 was curbed by resistance at the 50- and 200-DMAs, leading to a slight pullback in prices.
Technical analysis shows silver has been trading in a sideways trend; support was seen at $23.00, followed by $22.48.
There is potential for further gains if silver is able to break above the 100-DMA at $23.25, targeting the $23.60/65 resistance zone.

The price of silver trimmed its losses in the recent trading period, but it remained below the 100-day moving average (DMA) after hitting a new five-day high of $23.52 on Friday. Geopolitical tensions bolstered the grey metal, which aimed towards the confluence of the 50- and 200-DMAs, but buyers' failure to crack that area opened the door for a pullback. The XAG/USD pair recently traded at around $23.15, up by 1.85%.

The non-yielding metal remains sideways, though slightly tilted to the downside after buyers failed to conquer the confluence of the 50- and 200-DMAs. With the silver spot price recently trading below the 200-DMA, the first support was seen at the $23.00 mark. A breach of the latter would expose the Jan. 11 low at $22.48, followed by the $22.00 mark. Once that support level is broken, up next would be the Nov. 13 cycle low of $21.88.

In the outcome of buyers stepping in, they would clash with the 100-DMA at $23.25. A breach of the latter would expose the confluence of the 50- and 200-DMAs at around $23.60/65, before opening the path toward the $24.00 level.