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Silver Price Analysis: XAG/USD rebounds from 7-week high and breaks $22.00 level again

  • Silver prices recover and are trading around $22.32 per ounce, which represents an advance of 0.27% after hitting five-week lows at $21.88.
  • Technical analysis reveals a neutral bearish bias, but the formation of a “hammer” pattern on the daily chart suggests possible bullish momentum.
  • For a bullish turn, silver needs to break above the 50-day moving average (DMA) at $22.65, aiming for the 200-DMA at $23.25 and the October 20 high at $23.69.

The price of the Silver finds its footing and rises after hitting five-week lows at $21.88 on Monday, and exchanges hands around $22.32 a troy ounce, late in the North American session, printing gains of 0.27%, at the time of writing lines.

From a technical point of view, the gray metal has a neutral to bearish bias, but the daily chart shows that the price action is forming a “hammer”, which is usually a bullish signal, after recording a series of seven consecutive days with lower highs and lower lows, which ended on Monday.

Therefore, for XAG/USD to turn bullish, buyers must initially reclaim the 50-day moving average (DMA) at $22.65. A break of the latter would expose the 200-DMA at $23.25, followed by the October 20 last cycle high at $23.69. Once surpassed, a bullish resumption would occur.

On the other hand, a drop below the October 13 low at $21.87 would solidify a bearish case, with the next target for sellers being the October 4 swing low at $20.69, followed by the year-to-date low at $19.90. $.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Latest price today 22.32
Today Daily Change 0.10
Today’s daily variation 0.45
Today’s daily opening 22.22
Trends
daily SMA20 22.87
daily SMA50 22.7
SMA100 daily 23.19
SMA200 daily 23.25
Levels
Previous daily high 22.74
Previous daily low 22.19
Previous weekly high 23.26
Previous weekly low 22.19
Previous Monthly High 23.7
Previous monthly low 20.68
Daily Fibonacci 38.2 22.4
Fibonacci 61.8% daily 22.53
Daily Pivot Point S1 22.02
Daily Pivot Point S2 21.83
Daily Pivot Point S3 21.47
Daily Pivot Point R1 22.57
Daily Pivot Point R2 22.93
Daily Pivot Point R3 23.12

Source: Fx Street

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