Silver Price Analysis: XAG/USD consolidates around 100-day SMA, below 50% Fibo.

Silver oscillates in a narrow trading band just below the 50% Fibo. level on Friday.
The technical setup favours bullish trades and supports prospects for further gains.
A convincing break below the $22.55 area is needed to negate the positive outlook.

Haresh Menghani FXStreet

Silver (XAG/USD) struggles to capitalize on the previous day's solid recovery from the $22.50 region, or a one-week trough and oscillates in a narrow trading band through the first half of the European session on Friday. The white metal currently trades around the $23.15 region, nearly unchanged for the day, as traders keenly await the release of the US monthly jobs report (NFP) before placing fresh directional bets.

From a technical perspective, the XAG/USD, so far, has been struggling to break through a resistance marked by the 50% Fibonacci retracement level of the late December-January downfall. This is closely followed by the very important 200-day Simple Moving Average (SMA), currently around the $23.45 region, and the 61.8% Fibo. level near the $23.55 area. A sustained strength beyond the latter will be seen as a fresh trigger for bullish traders and set the stage for an extension of the recent move up from sub-$22.00 levels, or over a two-month low touched on January 22.

Given that oscillators on the daily chart have just started gaining positive traction, the XAG/USD might then aim back towards reclaiming the $24.00 round figure. The momentum could extend towards the next relevant hurdle near the $24.50-$24.60 area and the $25.00 psychological mark. Some follow-through buying has the potential to lift the white metal to the $25.45-$25.50 intermediate barrier en route to the $26.00 neighbourhood, or the December swing high.

On the flip side, weakness back below the $23.00 mark might continue to find some support near the $22.55 area, which if broken decisively will suggest that a nearly two-week-old uptrend has run its course and shift the bias back in favour of bearish traders. The XAG/USD might then turn vulnerable to retest the $21.95-$21.90 region, or a two-month low, before eventually dropping to the $21.40-$21.35 area en route to the $21.00 mark and the $20.70-$20.65 zone, or the October swing low.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.18
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	23.18

Trends
Daily SMA20	22.86
Daily SMA50	23.57
Daily SMA100	23.16
Daily SMA200	23.46

Levels
Previous Daily High	23.26
Previous Daily Low	22.51
Previous Weekly High	23.03
Previous Weekly Low	21.93
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	22.97
Daily Fibonacci 61.8%	22.8
Daily Pivot Point S1	22.71
Daily Pivot Point S2	22.24
Daily Pivot Point S3	21.97
Daily Pivot Point R1	23.46
Daily Pivot Point R2	23.73
Daily Pivot Point R3	24.2

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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