Silver Price Analysis: XAG/USD flirts with 100 SMA/rising channel confluence

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  • Silver is again under selling pressure on the last day of the week.
  • The technical situation supports the prospects of a new movement of intraday depreciation.
  • A sustained move beyond the $24.50-$24.55 area will negate the negative bias.

Silver extends the previous day’s pullback from the $24.30 zone, meaning more than a 1-week high, and remains under some selling pressure on Friday. The white metal maintains its tone offered in the middle of the European session and is currently near the daily low, around the $23.70 area.

From a technical point of view, XAG/USD has, thus far, managed to defend the lower end of a four-day-old uptrend channel. Said support coincides with the 100 hourly SMA and should now act as a pivot point for short-term traders. As hourly oscillators have been gaining negative traction, a convincing break below will set the stage for further losses.

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XAG/USD could then accelerate the decline towards intermediate support near the $23.50-$23.45 zone before finally dipping to test levels below $23.00. This is followed by the weekly low, around the $22.75 area hit on Monday. The continuation of the selling could lead the commodity to test the next support near $22.00.

On the other hand, the daily high, around $24.00, could act as an immediate hurdle. If it goes higher, it could run into resistance near the $24.25-$24.30 zone, ahead of the $24.50-$24.55 bid zone, or a multi-month high made on January 16. If the uptrend holds, XAU/USD could retrace the psychological signal of $25.00 for the first time since April 2022.

Silver 1 hour chart

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Key levels to watch


Last price today 23.74
Today Daily Variation -0.18
today’s daily variation -0.75
today’s daily opening 23.92
daily SMA20 23.79
daily SMA50 23.16
daily SMA100 21.45
daily SMA200 21.01
previous daily high 24.3
previous daily low 23.6
Previous Weekly High 24.51
previous weekly low 23.17
Previous Monthly High 24.3
Previous monthly minimum 22.03
Fibonacci daily 38.2 24.03
Fibonacci 61.8% daily 23.87
Daily Pivot Point S1 23.58
Daily Pivot Point S2 23.24
Daily Pivot Point S3 22.89
Daily Pivot Point R1 24.27
Daily Pivot Point R2 24.63
Daily Pivot Point R3 24.97

Source: Fx Street

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