Silver Price Analysis: XAG/USD prints slight gains yet remains below $23.00

Silver rises slightly to $22.99, supported by lower US Treasury yields and a weaker Dollar, boosting demand for precious metals.
Facing technical resistance at $23.13-15, with the 200-DMA at $23.28 posing a major obstacle for further gains.
Downside risk if silver breaches $23, eyeing February's lows; success above immediate resistances critical for upward momentum.

Christian Borjon Valencia FXStreet

Silver clings to minuscule gains late in the New York session on Tuesday, up 0.04%, and is trading at around $22.99 a troy ounce. Falling US Treasury bond yields and the Greenback are the main catalysts for the rise in precious metals, while technical resistance levels capped the XAG/USD upside.

XAG/USD rose briefly toward the confluence of the 50 and 100-day Moving Averages (DMAs) at around $23.13-15 during Tuesday’s session but failed to challenge the 200-DMA at $23.28. As a ‘dark cloud cover’ looms, bears dragged Silver’s price below $23.00, which could open the door to test the February 18 low of $22.80. A breach of the latter will accelerate the downtrend towards the February 15 low of $22.35, followed by the $22.00 figure.

Conversely, if buyers reclaim $23.15, that will open the door for further gains. The first resistance would be the 200-DMA at $23.28, followed by the current year-to-date (YTD) high at $24.09.

XAG/USD Price Action – Daily Chart

XAG/USD TECHNICAL LEVELS

Overview
Today last price	23
Today Daily Change	0.02
Today Daily Change %	0.09
Today daily open	22.98

Trends
Daily SMA20	22.72
Daily SMA50	23.15
Daily SMA100	23.13
Daily SMA200	23.31

Levels
Previous Daily High	23.46
Previous Daily Low	22.94
Previous Weekly High	23.5
Previous Weekly Low	21.93
Previous Monthly High	24.09
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	23.14
Daily Fibonacci 61.8%	23.26
Daily Pivot Point S1	22.79
Daily Pivot Point S2	22.61
Daily Pivot Point S3	22.28
Daily Pivot Point R1	23.31
Daily Pivot Point R2	23.64
Daily Pivot Point R3	23.83

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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