#XAGUSD @ 23.554 Silver price climbs to near $23.40 as Middle East tensions keep safe-haven bid upbeat.

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• Silver price climbs to near $23.40 as Middle East tensions keep safe-haven bid upbeat.

The pair currently trades last at 23.554.

The previous day high was 23.13 while the previous day low was 22.66. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Silver price (XAG/USD) shifts auction above $23.00 after a sharp recovery as the ongoing conflicts between Israel and Palestine keep demand for safe-haven assets upbeat. The white metal is expected to deliver more upside as the ground assault from the Israeli army in Gaza would escalate expectations of Iran’s intervention, which would widen Middle East tensions.

Investors keep an eye on the US Security Council meeting, requested by the UAE, to find possible solutions for a truce between Middle East players. The US continues to urge Israel for a delay in ground attack as it would dampen negotiations over the hostages’ release.

S&P500 futures added significant gains in the London session, portraying an improvement in the risk appetite of the market participants. The US Dollar Index (DXY) drops to near 106.43 as a steady interest rate decision from the Federal Reserve (Fed) on November 1 is widely anticipated. 10-year US Treasury yields jump above 4.91%.

While interest rates from the Fed will remain unchanged in the range of 5.25-5.50%, the central bank will keep doors open for further policy tightening. The market participants expect that consumer inflation will remain persistent as the labor demand is upbeat and consumer spending is robust.

Silver price forms an Inverted Head and Shoulder chart pattern on a four-hour scale, which indicates a prolonged consolidation. A breakout above the neckline placed from September 22 high at $23.77 would result in a bullish reversal. Advancing 50-period Exponential Moving Average (EMA) at $22.90 indicates that the near-term trend is bullish.

The Relative Strength Index (RSI) (14) attempts to shift into the bullish range of 60.00-80.00. If the RSI (14) manages to do so, the Silver bulls would get strengthened further.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.46 at the time of writing. Pair opened at 23.09 and is trading with a change of 1.6 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.27, 50 SMA 22.97, 100 SMA @ 23.25 and 200 SMA @ 23.3.

The previous day high was 23.13 while the previous day low was 22.66. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.79, 22.49, 22.33
• Pivot resistance is noted at 23.25, 23.42, 23.72

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