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Silver Price Analysis: XAG/USD flirts with yearly high, bulls hope to break $24.00

  • The price of Silver recovers from an intraday drop and returns to close to its yearly high on Tuesday.
  • The technical situation favors the bulls and supports the prospects for further increases.
  • Sustained weakness below the $23.00 level will nullify the positive outlook.

The price of Silver (XAG/USD) attracts some buying near the $23.65-$23.60 area on Tuesday and flirts with the yearly high during the first half of the European session. The white metal is currently trading just below the $24.00 level and looking to build on the previous day's breakout momentum above the $23.30-$23.35 confluence barrier.

This last level comprises the 100-day and 200-day SMA, which should now act as a key point for XAG/USD. Any significant corrective slide is most likely to be bought near said resistance-turned-support and remain capped near the $23.00 round level. That said, some continuation selling will suggest that the strong week-long move has run out of steam and pave the way for deeper losses.

XAG/USD could accelerate its decline towards the intermediate support of $22.50-$22.45 before falling to levels below $22.00 or the two-month low it hit in January and retested in February. The bearish trajectory could extend further and drag the white metal towards the next relevant support near the $21.40-$21.35 area. However, positive oscillators on the daily chart advise caution for bears.

On the other hand, the momentum above the $24.00 level is likely to face some resistance near the $24.30-$24.35 region before the $24.50 resistance zone. Sustained strength above that region should allow 2023.

Daily Silver Price Chart

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XAG/USD additional technical levels

Overview
Latest price today 23.94
Today Daily change 0.03
Today Daily variation % 0.13
Today daily opening 23.91
Trends
daily SMA20 22.75
50 daily SMA 22.94
SMA100 daily 23.24
SMA200 Journal 23.28
Levels
Previous daily high 23.94
Previous daily low 23.02
Previous weekly high 23.27
Previous weekly low 22.28
Previous Monthly High 23.5
Previous monthly low 21.93
Daily Fibonacci 38.2 23.59
Fibonacci 61.8% daily 23.38
Daily Pivot Point S1 23.31
Daily Pivot Point S2 22.7
Daily Pivot Point S3 22.38
Daily Pivot Point R1 24.23
Daily Pivot Point R2 24.55
Daily Pivot Point R3 25.15

Source: Fx Street

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