Silver Price Analysis: XAG/USD edges up but falters shy of 200-DMA

  • Silver’s recent rally to $23.52 curbed by resistance at 50 and 200-DMAs, leading to a slight pullback in prices.
  • Technical analysis shows Silver trading in a sideways trend; immediate support at $23.00, followed by $22.48.
  • Potential for further gains if Silver breaks above the 100-DMA at $23.25, targeting the $23.60/65 resistance zone.

Silver price trims its losses, but it remains 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 trades at $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 Silver spot price trading below the 200-DMA, the first support is seen at $23.00 a troy ounce. A breach of the latter will expose the January 11 low at $22.48, followed by the $22.00 mark. Once that support level is broken, up next would be the November 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 will expose the confluence of the 50 and 200-DMAs at around $23.60/65, before opening the path toward $24.00.

XAG/USD Price Action – Daily Chart

XAG/USD Technical Levels


Today last price23.16
Today Daily Change0.42
Today Daily Change %1.85
Today daily open22.74
Daily SMA2023.66
Daily SMA5023.66
Daily SMA10023.28
Daily SMA20023.63
Previous Daily High23.16
Previous Daily Low22.48
Previous Weekly High24.09
Previous Weekly Low22.69
Previous Monthly High25.92
Previous Monthly Low22.51
Daily Fibonacci 38.2%22.74
Daily Fibonacci 61.8%22.9
Daily Pivot Point S122.43
Daily Pivot Point S222.11
Daily Pivot Point S321.75
Daily Pivot Point R123.11
Daily Pivot Point R223.47
Daily Pivot Point R323.79

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