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