- Analytics
- News and Tools
- Market News
- Silver Price Analysis: XAG/USD rallies toward $23.00 shy of 100-DMA
Silver Price Analysis: XAG/USD rallies toward $23.00 shy of 100-DMA
- Silver jumps over 2.50%, as lower US bond yields boost appeal.
- Potential 'morning star' formation hints at upside if silver surpasses the $22.94 mark.
- Resistance at $23.08-$23.13 and support at $22.45 and $22.00 critical for next moves.
Silver price surged sharply in Thursday’s session after hitting a daily low of $22.35, as US Treasury bond yields plunged, a tailwind for the grey metal. The XAG/USD trades at $22.92, up by more than 2.50%, with traders eyeing a break of stir resistance.
XAG/USD Price Analysis: Technical outlook
XAG/USD remains neutral to downward bias because it remains below the 100, 50, and 200-day moving averages (DMAs). Nevertheless, a daily close above the February 13 high of $22.94 would form a ‘morning star,’ opening the door for further upside. If buyers reclaim the $23.00 figure, that will open the door to challenge the confluence of the 100 and 50-DMA at around $23.08-$23.13. A breach of the latter, the next stop would be the 200-DMA at $23.29.
Conversely, if the non-yielding metal remains below $23.00, the first support emerges at the February 14 high at $22.45. Once cleared, the next support would be the $22.00 figure, followed by the February 14 at $21.94.
XAG/USD Price Action – Daily Chart
© 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.
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.
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
