- 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|
|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
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.