untitled design

Silver Price Analysis: XAG/USD near two-week highs, 200-day SMA key for bulls

  • Silver price attracts some buying at lower levels on Tuesday and climbs back to a near two-week high.
  • The mixed technical setup advises caution before opening aggressive directional positions.
  • The 200-day SMA is likely to limit gains and act as a key point.

The price of Silver (XAG/USD) reverses modest intraday losses in the $23.15 area and is once again approaching the almost two-week high reached this Tuesday. The white metal is trading around the $23.25 zone during the early hours of the European session, practically unchanged on the day.

From a technical point of view, the oscillators on the daily chart – although they have recovered from lower levels – continue to remain in negative territory and favor the bears. That said, last week’s solid rebound from the $22.30 support zone – which represents an ascending trend line extending from June’s monthly low – and subsequent strength warrant caution before positioning for further losses before of the FOMC’s key monetary policy decision on Wednesday.

Meanwhile, any significant decline is likely to find some support near the round $23.00 level, ahead of the $22.80 area and the $23.30 region, a nearly one-month low hit last Thursday. A convincing break below this last level will be seen as a new trigger for the bears and will make XAG/USD vulnerable to accelerate the decline towards the next relevant support near the $21.25 area. The bearish trajectory could extend further towards the $21.00 level.

On the other hand, momentum beyond the $23.30 area, the daily high, could face strong resistance and remain limited near the technically significant 200-day SMA, currently around the $23.45. However, a sustained breakout could change the trend in favor of the bulls. This, in turn, would allow XAG/USD to break through the 100-day SMA barrier near the $23.80 region and try to reclaim the $24.00 level.

The next major hurdle lies near the $24.30-$24.35 area, above which XAG/USD is likely to conquer the psychological level of $25.00. The latter coincides with the August monthly high and is closely followed by the July high, around the $25.25 region.

Daily Silver Price Chart


Silver additional technical levels


Latest price today 23.21
Today Daily variation -0.05
Today’s daily variation -0.21
Today’s daily opening 23.26
daily SMA20 23.64
daily SMA50 23.74
SMA100 daily 23.72
SMA200 daily 23.48
Previous daily high 23.26
Previous daily low 22.96
Previous weekly high 23.29
Previous weekly low 22.3
Previous Monthly High 25.02
Previous monthly low 22.23
Daily Fibonacci 38.2 23.15
Fibonacci 61.8% daily 23.08
Daily Pivot Point S1 23.06
Daily Pivot Point S2 22.86
Daily Pivot Point S3 22.76
Daily Pivot Point R1 23.36
Daily Pivot Point R2 23.46
Daily Pivot Point R3 23.65

Source: Fx Street

You may also like

Most popular