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Silver Price Analysis: XAG/USD rebounds, looking for key resistance levels

  • Silver prices have rebounded from Monday’s four-day low of $23.25, posting gains of over 1.80%.
  • The XAG/USD pair maintains a bullish bias, although it would need to surpass the November 17 high of $24.14 to consolidate this trend.
  • Silver’s decline below $23.50 could lead to a test of the 200-day moving average (DMA) at $23.29, and further down, the 50-DMA at $23.01.

The price of the Silver It erased Monday’s losses, which saw the gray metal fall to a four-day low of $23.25, rising more than 1.80% and trading around $23.90 a troy ounce at the time of writing.

Market sentiment changed negatively as Wall Street traded with minuscule losses. The yield on the 10-year US Treasury bond remains almost flat at 4.43%, although it has failed to stop silver’s advance.

Technically, Once this is done, the next resistance would be the August 30 high at $25.00, followed by the July 20 swing high at $25.26.

On the other hand, if XAG/USD remains below $24.00, sellers would continue to wait for lower prices. If silver falls below $23.50, this could pave the way to test the 200-day moving average (DMA) at $23.29, followed by the 50-DMA at $23.01. A breakout of the latter would expose sellers to a decline. Breaking the latter would expose the 20-DMA at $22.69.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels


Latest price today 23.83
Today Daily Change 0.39
Today’s daily variation 1.66
Today’s daily opening 23.44
daily SMA20 22.98
daily SMA50 22.7
SMA100 daily 23.22
SMA200 daily 23.29
Previous daily high 23.81
Previous daily low 23.25
Previous weekly high 24.15
Previous weekly low 21.88
Previous Monthly High 23.7
Previous monthly low 20.68
Daily Fibonacci 38.2 23.46
Fibonacci 61.8% daily 23.6
Daily turning point S1 23.19
Daily turning point S2 22.93
Daily turning point S3 22.62
Daily turning point R1 23.76
Daily turning point R2 24.07
Daily turning point R3 24.32

Source: Fx Street

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