- Silver price tests 200-day simple moving average at $23.38, with daily low/high of $22.88/$23.69.
- For bullish continuation, silver buyers must keep prices above 200-DMA to challenge the $24.00 area.
- If XAG/USD drops below 200-DMA, next support levels are at $23.00, $22.91 (50-DMA), and $22.19 (20-DMA).
Silver price gathers steam and tests the 200-day moving average (DMA) at $23.38 at the time of writing. The XAG/USD hit a daily low/high of $22.88 and $23.69 per troy ounce, but as the Greenback (USD) pares some of its earlier losses, the non-yielding metal struggles to stay above the 200-DMA.
From a technical perspective, as the XAG/USD approached the September 22 high at $23.76, price action was rejected shy of the $23.70 area, as the white metal hit a daily/weekly high before reversing its course above the 200-DMA. For a bullish continuation, Silver buyers must keep prices above the latter to challenge the $24.00 area, but first, they must breach the latest cycle mentioned above.
On the flip side, if XAG/USD drops below the 200-DMA, the next floor would emerge at the $23.00 mark, followed by the 50-DMA at $22.91, and the 20-DMA at $22.19.
XAG/USD Price Action – Daily chart
XAG/USD Technical Levels
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
Editors’ Picks
AUD/USD holds gains above 0.6650 after mixed Australian data
AUD/USD caught a brief bid wave and edged toward 0.6700 after Australian CPI unexpectedly ticked higher to 3.6% YoY in April. However, a surprise drop in the country's Construction Output for Q1 curbs the Aussie's enthusiasm. A cautious mood also acts as a headwind for the pair.
USD/JPY trades firmer above 157.00 amid dovish BoJ commentary
USD/JPY is trading on a positive footing, comfortable above 157.00 in the Asian session on Wednesday. The pair holds higher ground after dovish comments from BoJ's official Adachi. Broad US Dollar strength also adds to the upside in the pair amid a risk-off environment.
Gold price attracts some sellers on Fed’s hawkish remarks
Gold price snaps the three-day winning streak on Wednesday amid the modest rebound of the Greenback. Additionally, the hawkish remarks from several Federal Reserve officials and stronger-than-expected US economic data diminish expectations of the Fed rate cut in September.
Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves
Bitcoin declined briefly from the $70,000 mark on Tuesday as Semler Scientific and Mt Gox made notable whale moves. Glassnode also shared key on-chain insights that breathe clarity into the market's current state.
Inflation week: Eyes on Germany’s numbers, Eurozone and the US PCE
Today we get Germany’s numbers and on Friday, both the Eurozone and the US PCE. For the Eurozone, expectations are for core to remain the same at 2.7% and for the ECB to cut in June. This is being named a “hawkish cut,” one of those inherently self-contradictory terms.