Market news
10.07.2023, 23:40

Silver Price Analysis: Two-month-old resistance line, 100-DMA test XAG/USD bulls above $23.00

  • Silver Price grinds higher as bulls prod descending trend line from early May.
  • Upbeat oscillators, sustained trading beyond $22.70 support confluence favor XAG/USD bulls.
  • 100-DMA acts as extra filter towards the north before giving control to Silver buyers.

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

Silver Price: Daily chart

Trend: Further upside expected

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location