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Silver Price Analysis: XAG/USD clings to intraday gains above $23.00, lacks bullish conviction

  • The price of Silver gains positive traction for the second day in a row, although the setup warrants caution for the bulls.
  • Any subsequent bullish move is likely to face a strong barrier and remain capped near the 200-day SMA.
  • A break below a multi-month ascending trend line support will be considered a new trigger for bears.

The price of Silver (XAG/USD) attracts new buyers near the $23.00 level on the first day of a new week and maintains its modest intraday gains during the early stages of the European session. The white metal is currently trading around $23.15, up 0.45% on the day, although still below Friday’s high.

Looking at the bigger picture, XAG/USD recovered last week from the $22.30 support zone, which represents an ascending trend line extending from the June monthly low. The subsequent strength favors bullish traders, although technical indicators on the daily chart are yet to confirm a positive outlook and warrant some caution before positioning for additional gains.

Therefore, any further move higher is likely to face strong resistance and remain capped near the technically significant 200-day SMA, which currently sits around the $23.45 area. This zone should act as a key point, above which XAG/USD is more likely to break the 100-day SMA barrier near the $23.80 region and aim to regain the $24.00 level.

The next major hurdle lies near the $24.30-$24.35 area, which if decisively overcome, will lift XAG/USD towards the psychological level of $25.00. The latter coincides with the August monthly high and some follow-through buying, leading to further gains beyond the July high, around the $25.25 region, will shift the short-term bias in favor of the bulls.

On the other hand, the $22.80 area seems to protect the immediate decline before the $23.30 area, the almost one-month low reached last Thursday. A convincing break below that level will confirm a fresh breakout and make XAG/USD vulnerable to accelerate the decline towards the next relevant support near the $21.25 area before finally falling to the $21.00 level.

Silver Daily Chart


Silver additional technical levels


Latest price today 23.13
Today Daily Change 0.09
Today’s daily variation 0.39
Today’s daily opening 23.04
daily SMA20 23.64
daily SMA50 23.74
SMA100 daily 23.74
SMA200 daily 23.48
Previous daily high 23.29
Previous daily low 22.63
Previous weekly high 23.29
Previous weekly low 22.3
Previous Monthly High 25.02
Previous monthly low 22.23
Daily Fibonacci 38.2 23.04
Fibonacci 61.8% daily 22.88
Daily Pivot Point S1 22.68
Daily Pivot Point S2 22.32
Daily Pivot Point S3 22.01
Daily Pivot Point R1 23.35
Daily Pivot Point R2 23.65
Daily Pivot Point R3 24.02

Source: Fx Street

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