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Silver Price Analysis: XAG/USD hovers around $23.30s, unable to break $23.50

Silver price is trading sideways after hitting a daily high of $23.39.
XAG/USD Price Analysis: Short term, the XAG/USD might test $24.00 once it reclaims $23.50: otherwise, it would consolidate.

Christian Borjon Valencia FXStreet

Silver price consolidates for the fourth straight day after hitting a weekly high of $23.52. However, the white metal faces solid resistance and trades sideways on Wednesday. At the time of typing, the XAG/USD is trading at $23.32 for a gain of 0.40%.

XAG/USD Price action

On Wednesday, the XAG/USD failed to sustain the early break above March’s 28 high of $23.37, which would open the door to test the week’s low at $22.83 once sellers break the $23.00 psychological level. That would open the door for a leg down, and if the XAG/USD tumbles below the former, that could exacerbate a test of the 20-day Exponential Moving Average (EMA) at $22.32.

On the flip side, with Silver’s buyers cracking $23.50, upside risks would lie at $24.00, followed by a test of the YTD high at $24.63.

In the short term, the XAG/USD 4-hour chart portrays the white metal as neutral to upward bias, and it might test $23.50 soon. A breach of the latter will clear the path to test higher pivot points, like #2 at $23.70, before assaulting R3 at $24.04.

XAG/USD 4-hour chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	23.38
Today Daily Change	0.05
Today Daily Change %	0.21
Today daily open	23.33

Trends
Daily SMA20	21.76
Daily SMA50	22.21
Daily SMA100	22.52
Daily SMA200	20.99

Levels
Previous Daily High	23.38
Previous Daily Low	22.83
Previous Weekly High	23.52
Previous Weekly Low	22.16
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	23.17
Daily Fibonacci 61.8%	23.04
Daily Pivot Point S1	22.98
Daily Pivot Point S2	22.63
Daily Pivot Point S3	22.43
Daily Pivot Point R1	23.53
Daily Pivot Point R2	23.73
Daily Pivot Point R3	24.08

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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