- Silver prices rise strongly to $23.40, up 1.47%, following a weak US inflation report that fuels expectations of a pause in Fed rate hikes.
- The metal tests the 200-day moving average at $23.26, and could extend its gains towards $24.00 if bullish momentum continues.
- A failure at the 200-DMA could trigger a pullback towards the 20-DMA at $22.89 and the 50-DMA at $22.64.
The price of Silver rises on Wednesday, following last Tuesday’s weak US inflation report, which caused US Treasury yields to plummet on expectations that the Federal Reserve The US has finished raising rates. Hence, XAG/USD advances strongly, reaching key resistance levels such as the 200-day moving average (DMA) at $23.26. If Silver bulls hold the price above the latter, the uptrend would likely continue towards the end of the year as buyers target $24.00. XAG/USD is trading at $23.40, up 1.47%.
From a daily point of view, the gray metal has a neutral bias, although it is about to change to neutral on the upside if buyers recapture the last cycle high seen at $23.69, the daily high of October 20. Upside risks remain above that level, with seven-month trend line resistance at $23.80-$90, before challenging $24.00 a troy ounce.
On the other hand, if swing on November 13 at $21.88.
XAG/USD Price Analysis – Daily Chart
XAG/USD Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
