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10 Mar 2023

Silver Price Analysis: XAG/USD hangs near multi-month low, around $20.00 mark

  • Silver bounces off a fresh four-month low touched earlier this Friday, though lacks follow-through.
  • A slightly oversold RSI on the daily charts supports prospects for some near-term recovery move.
  • Bearish traders need to wait for an acceptance below the $20.00 mark before placing fresh bets.

Silver continues to show some resilience below the $20.00 psychological mark and reverses an intraday dip to a fresh four-month low touched earlier this Friday. The uptick, however, lacks bullish conviction, suggesting that the recent downfall witnessed over the past month or so might still be far from being over and positioning for any meaningful appreciating move.

Meanwhile, technical indicators on the daily chart languish in the oversold territory and support prospects for some upside in the near term. That said, the attempted recovery is more likely to confront stiff resistance near the $20.50-$20.40 horizontal support breakpoint, which coincided with the previous YTD low. Some follow-through buying, however, could trigger a short-covering move and lift the XAG/USD towards the 200-day Simple Moving Average (SMA), currently pegged just ahead of the $21.00 mark.

The latter should act as a pivotal point, which if cleared decisively will suggest that the recent pullback from the $24.65 region, or a multi-month peak touched in February has run its course and pave the way for additional gains. The XAG/USD might then accelerate the move towards the next relevant hurdle near the mid-$21.00s before aiming to reclaim the $22.00 round-figure mark.

On the flip side, bearish traders need to wait for an acceptance below the $20.00 mark before placing fresh bets. The subsequent slide could drag the XAG/USD towards the $19.60 intermediate support en route to the $19.00 round-figure mark. Some follow-through selling should pave the way for a slide towards the $18.80-$18.75 zone before the white metal drops to the $18.30-$18.25 zone and the $18.00 level.

Silver daily chart

fxsoriginal

Key levels to watch

 

Mar 10, 2023

USD/CAD: 1.38/1.39 range set to cap – Scotiabank

USD/CAD steadies in upper 1.38s. Economists at Scotiabank expect the pair to struggle to surpass the 1.38/39 area. USD gains look technically stretche
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Mar 10, 2023

EUR/JPY Price Analysis: Next target on the upside remains at 146.70

EUR/JPY leaves behind Thursday’s marled retracement and briefly surpasses the 145.00 hurdle on Friday. While further range bound trading seems likely
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