Silver price is gradually increasing as buyers push against a downward trend line that dates back to the beginning of May. Analysts anticipate more gains in the future.
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- Silver Price grinds higher as bulls prod descending trend line from early May.
The pair currently trades last at 23.128.
The previous day high was 23.15 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.
Silver Price (XAG/USD) remains mildly bid near $23.15 as it defends the previous week’s rebound from the 200-DMA and a fortnight-old rising support line amid the early hours of Tuesday’s Asian session. In doing so, the XAG/USD bulls prod a two-month-old descending resistance line.
It’s worth noting that the bullish MACD signals and steady RSI (14) line joins the XAG/USD’s ability to stay beyond the $22.70 support confluence, comprising the 200-DMA and a two-week-old rising support line, to keep the Silver buyers hopeful.
However, the 100-DMA level of around $23.35 can act as an additional check for the XAG/USD bulls past the $23.15 trend line resistance.
Meanwhile, a downside break of the $22.70 support confluence needs validation from June’s low of near $22.10, as well as the $22.00 round figure, to convince the Silver bears.
Following that, the October 2022 high of around $21.25 and the $21.00 round figure will be in the spotlight.”
Overall, Silver Price remains on the front foot unless the bears conquer the previous monthly low.
Fundamentally, the US Dollar’s inability to cheer hawkish Fed bets, due to the downbeat US inflation expectations and softer US jobs report, keep the Silver buyers hopeful.
Also read: Silver Price Analysis: XAG/USD gains marginally, hovers around $23.00 on weak USD, falling US bond yields
Trend: Further upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.14 at the time of writing. Pair opened at 23.08 and is trading with a change of 0.26% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.14 |
| 1 | Today Daily Change | 0.06 |
| 2 | Today Daily Change % | 0.26% |
| 3 | Today daily open | 23.08 |
The pair is trading below its 20 Daily moving average @ 23.14, below its 50 Daily moving average @ 23.74 , below its 100 Daily moving average @ 23.4 and above its 200 Daily moving average @ 22.68
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.14 |
| 1 | Daily SMA50 | 23.74 |
| 2 | Daily SMA100 | 23.40 |
| 3 | Daily SMA200 | 22.68 |
The previous day high was 23.15 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.74, 22.41, 22.21
- Pivot resistance is noted at 23.28, 23.49, 23.82
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.15 |
| Previous Daily Low | 22.62 |
| Previous Weekly High | 23.31 |
| Previous Weekly Low | 22.52 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 22.95 |
| Daily Fibonacci 61.8% | 22.82 |
| Daily Pivot Point S1 | 22.74 |
| Daily Pivot Point S2 | 22.41 |
| Daily Pivot Point S3 | 22.21 |
| Daily Pivot Point R1 | 23.28 |
| Daily Pivot Point R2 | 23.49 |
| Daily Pivot Point R3 | 23.82 |
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