Silver Price Analysis: XAG/USD soars above $23.00 on Middle East rising tensions

Silver price jumps from $22.70 to $23.07, testing crucial resistance at 200-DMA of $23.26.
A breach of 200-DMA could expose next resistance levels at $23.69 and Bollinger bands top at $23.80.
If Silver falls below $23.00, supports are $22.94, $22.44, and 20-day EMA at $22.25.

Christian Borjon Valencia FXStreet

Silver price jumped above the $23.00 figure bolstered by a risk-off impulse, amidst geopolitical headlines suggesting the Middle East conflict is escalating, as Israel began its ground offensive at the Gaza strip. That said, the XAG/USD rose from $22.70 and is trading at $23.07, gaining more than 1.35%.

The XAG/USD remains downward biased despite rising above the 50-day moving average (DMA) at $22.94, about to test the crucial resistance level at the 200-DMA at $23.26. once that level is cruised, the next ceiling level would be $23.69, the latest cycle high. In a breach of that level, Silver bias would shift to neutral upwards, exposing the top of the Bollinger bands at $23.80,

Conversely, if Silver tumbles below $23.00, that would keep the downtrend in place. The first support would be the 50-DMA at $22.94, followed by the October 26 low of $22.44, before tumbling to challenge the 20-day Exponential Moving Average (EMA) at $22.25.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.08
Today Daily Change	0.29
Today Daily Change %	1.27
Today daily open	22.79

Trends
Daily SMA20	22.23
Daily SMA50	22.96
Daily SMA100	23.26
Daily SMA200	23.3

Levels
Previous Daily High	23.14
Previous Daily Low	22.44
Previous Weekly High	23.7
Previous Weekly Low	22.37
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.71
Daily Fibonacci 61.8%	22.88
Daily Pivot Point S1	22.44
Daily Pivot Point S2	22.1
Daily Pivot Point S3	21.75
Daily Pivot Point R1	23.14
Daily Pivot Point R2	23.49
Daily Pivot Point R3	23.84

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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