Silver Price Analysis: XAG/USD edges up, maintain its bullish bias, buyers target $24.00

Silver price stays firm, despite subdued trading conditions.
Key resistance levels in focus for XAG/USD, with $24.00 as immediate hurdle, followed by June high at $24.52.
Downside risks include potential drop below the 200-DMA at $23.32 as a critical support to watch.

Christian Borjon Valencia FXStreet

Silver price advanced on Thursday by 0.91%, amid low volume conditions, and as the Asian Pacific session begins, trades at around $23.82, unchanged in the early Friday session, as Japan and the US markets, reopen after being on holiday.

Silver daily chart portrays the grey metal as neutral to upward biased but remains near the weekly highs, which could pave the way for a test of the $24.00 figure. Once cleared, the next resistance would be the Jun 9 high at $24.52 before XAG/USD climbs to $25.00. Once surpassed, that would cement the uptrend, and expose the year-to-date (YTD) high at $26.12.

Conversely, if XAG/USD falls below the November 23 low of $23.60, that could pave the way for testing the 200-day moving average (DMA) at $23.32. If sellers drag prices below that demand zone, the XAG/USD would shift neutral bearish, and expose the 20-DMA at $23.13, followed by the 50-DMA at $22.75.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.67
Today Daily Change	0.03
Today Daily Change %	0.13
Today daily open	23.64

Trends
Daily SMA20	23.06
Daily SMA50	22.73
Daily SMA100	23.23
Daily SMA200	23.31

Levels
Previous Daily High	23.94
Previous Daily Low	23.54
Previous Weekly High	24.15
Previous Weekly Low	21.88
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.69
Daily Fibonacci 61.8%	23.79
Daily Pivot Point S1	23.47
Daily Pivot Point S2	23.3
Daily Pivot Point S3	23.06
Daily Pivot Point R1	23.88
Daily Pivot Point R2	24.11
Daily Pivot Point R3	24.28

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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