Silver Price Analysis: XAG/USD bulls looking to seize control, await a move beyond $23.00 By HareshMenghani Silver Commodities Technical Analysis XAGUSD
e first day of a new week. The intraday positive move pushed spot prices back closer to the $23.00 round-figure mark during the early North American session.
From a technical perspective, any subsequent move up beyond the mentioned handle might confront some resistance near the 100-day SMA, currently around the $23.20 area. This is followed by the $23.40-$23.45 horizontal barrier, which should act as a pivotal point and help determine the near-term trend for the XAG/USD.– though have been recovering from lower levels – are yet to confirm a bullish bias for the XAG/USD.
A convincing breakthrough the said barriers will negate any bearish bias and trigger a fresh bout of a short-covering move. This should allow the XAG/USD to surpass the $24.00 round-figure mark and climb further towards challenging the YTD high, around the $24.70 region touched on January 20. On the flip side, the $22.65 area now seems to protect the immediate downside ahead of the $22.40 region, which if broken would expose the $22.00 round figure. Sustained weakness below should pave the way for a further decline and drag the XAG/USD towards challenging the double-bottom support, around the $21.40 zone.
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