Silver Price Analysis: XAG/USD rebound approaches previous support line around $23.00


  • Silver Price takes the bids to refresh intraday high, extends previous day’s recovery from 14-week low.
  • Horizontal support from mid-March joins bullish MACD signals, RSI rebound from oversold territory to favor XAG/USD buyers.
  • Three-month-old support-turned-resistance line precedes 200-SMA, descending trend line from May to challenge Silver bulls.

Silver Price (XAG/USD) picks up bids to renew its intraday high near $22.60 as it extends the previous day’s rebound from the lowest levels since mid-March amid early Monday. In doing so, the XAG/USD bounces off a 14-week-old horizontal support zone.

Apart from the Silver Price rebound from the key horizontal support zone, the commodity’s upside break of the 61.8% Fibonacci retracement of March-May upside joins bullish MACD signals and the RSI (14) line’s recovery from the oversold territory to favor the XAG/USD bulls.

However, the previous support line stretched from March 21, as well as the 50% Fibonacci retracement, will challenge the Silver Price recovery close to the $23.00 round figure.

Even if the XAG/USD rises past $23.00, the 200-SMA and a seven-week-old falling resistance line, respectively near $23.60 and $23.90, will prod the upside momentum before giving control to the Silver bulls.

On the flip side, the aforementioned 61.8% Fibonacci retracement level and the horizontal support zone, respectively near $22.30 and $22.15-10, restrict the immediate downside of the Silver Price.

Following that, the lows marked in mid-March near $21.50 precede the early March swing high of near $21.30 to challenge the further Silver Price downside.

Silver Price: Four-hour chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price 22.56
Today Daily Change 0.12
Today Daily Change % 0.53%
Today daily open 22.44
 
Trends
Daily SMA20 23.54
Daily SMA50 24.19
Daily SMA100 23.32
Daily SMA200 22.49
 
Levels
Previous Daily High 22.68
Previous Daily Low 22.11
Previous Weekly High 24.2
Previous Weekly Low 22.11
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 22.47
Daily Fibonacci 61.8% 22.33
Daily Pivot Point S1 22.14
Daily Pivot Point S2 21.84
Daily Pivot Point S3 21.57
Daily Pivot Point R1 22.71
Daily Pivot Point R2 22.98
Daily Pivot Point R3 23.28

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD treads water just above 1.0400 post-US data

EUR/USD treads water just above 1.0400 post-US data

Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.

EUR/USD News
GBP/USD remains depressed near 1.2520 on stronger Dollar

GBP/USD remains depressed near 1.2520 on stronger Dollar

Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.

GBP/USD News
Gold keeps the bid bias unchanged near $2,700

Gold keeps the bid bias unchanged near $2,700

Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.

Gold News
Geopolitics back on the radar

Geopolitics back on the radar

Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.

Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures