- 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
|Latest price today||22.32|
|Today Daily Change||0.10|
|Today’s daily variation||0.45|
|Today’s daily opening||22.22|
|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
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.