- Silver is trapped within the 20 and 50 day Exponential Moving Averages, with no trend.
- Silver Price Analysis: Sideways slightly higher with buyers eyeing $25.00.
Silver price extended its consolidation around $23.00-$24.50 for the week, capped by the 20 and 50 day EMAs, and remains unable to break the range decisively. However, XAG/USD erased some of its earlier losses and moved positively on the day, trading at $23.71, gaining 0.53%.
Silver Price Analysis: Technical Perspective
XAG/USD price action has been sideways for almost a month, around the $23.00-$24.50 range, short term. The lack of a catalyst keeps the white metal around a high, although it is too early to call it that, with the US Federal Reserve ruling on Wednesday. As of this writing, XAG/USD is hovering around the 20-day EMA at $23.69, which has been used as a pivot for the past 19 days, with the price fluctuating around it.
As the XAG/USD continues its rally on the session, a break above the 20 day EMA could pave the way for a bit higher, with the psychological figure of $24.00 being the first supply area. Once broken, XAG/USD would be about to challenge the high of $24.54, followed by $25.00.
On the other hand, XAG/USD break below the 50 day EMA at $23.10, and Silver will soon test the $23.00 signal. If this last level is broken, silver will fall to a year low of $22.76, followed by the 100 day EMA at $22.24 and then the 200 day EMA at $21.90.
Key Silver 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.
