Silver Price Analysis: XAG/USD edges up but falters shy of 200-DMA
|- Silver's recent rally to $23.52 curbed by resistance at 50 and 200-DMAs, leading to a slight pullback in prices.
- Technical analysis shows Silver trading in a sideways trend; immediate support at $23.00, followed by $22.48.
- Potential for further gains if Silver breaks above the 100-DMA at $23.25, targeting the $23.60/65 resistance zone.
Silver price trims its losses, but it remains below the 100-day moving average (DMA) after hitting a new five-day high of $23.52 on Friday. Geopolitical tensions bolstered the grey metal, which aimed towards the confluence of the 50 and 200-DMAs, but buyers' failure to crack that area opened the door for a pullback. The XAG/USD trades at $23.15, up by 1.85%.
The non-yielding metal remains sideways, though slightly tilted to the downside after buyers failed to conquer the confluence of the 50 and 200-DMAs. With Silver spot price trading below the 200-DMA, the first support is seen at $23.00 a troy ounce. A breach of the latter will expose the January 11 low at $22.48, followed by the $22.00 mark. Once that support level is broken, up next would be the November 13 cycle low of $21.88.
In the outcome of buyers stepping in, they would clash with the 100-DMA at $23.25. A breach of the latter will expose the confluence of the 50 and 200-DMAs at around $23.60/65, before opening the path toward $24.00.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
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