Silver Price Analysis: XAG/USD flirts with daily low, holds above 38.2% Fibo. pivotal support

October 19, 2023 7:20 PM +07:00
  • Silver meets with some supply and erases a part of Friday’s strong gains to a two-week high.
  • The technical setup supports prospects for the emergence of some dip-buying at lower levels.
  • Sustained weakness back below the $22.30 area could pave the way for further intraday losses.

Phan Tich Gia Bac Xag Usd Giao Dong Quanh Muc Thap Hang Ngay Giu Tren Fibo 38 2 Duong Ho Tro Quan Trong Pipscollector - Silver (XAG/USD) kicks off the new week on a weaker note and erodes a part of Friday's strong move up to the $22.80 region, or a two-week high. The white metal maintains its offered tone through the early part of the European session and is currently placed just above mid-$22.00s, down over 0.70% for the day.

From a technical perspective, Friday's sustained breakout through a multi-day-old trading range and a subsequent move beyond the 38.2% Fibonacci retracement level of the August-October downfall favours bullish traders. Moreover, oscillators on the daily chart have just started gaining positive traction and support prospects for the emergence of some dip-buying near the $22.30 area and remain limited.

Some follow-through selling, however, could turn the XAG/USD vulnerable to weaken further below the $22.00 mark, towards the 23.6% Fibo. level, around the $21.75 area. Failure to defend the said support levels has the potential to drag the white metal further towards the $21.3-$21.30 intermediate support en route to the $21.00 mark and the $20.70-$20.65 zone, or a seven-month low touched earlier this month.

On the flip side, bulls might now wait for a move beyond the $22.80 region, or the 50% Fibo. level, before placing fresh bets. The XAG/USD might then surpass the $23.00 round-figure mark and climb further towards testing the $23.35 confluence, comprising the very important 200-day Simple Moving Average (SMA) and the 61.8% Fibo. level. A sustained move beyond will set the stage for a further appreciating move.

The subsequent move up has the potential to lift the XAG/USD towards the next relevant hurdle near the $23.75-$23.80 region (September 22 high) en route to the $24.00 round figure and the $24.30-$24.35 resistance zone.

Silver daily chart


Technical levels to watch


Today last price 22.54
Today Daily Change -0.18
Today Daily Change % -0.79
Today daily open 22.72
Daily SMA20 22.31
Daily SMA50 22.92
Daily SMA100 23.32
Daily SMA200 23.34
Previous Daily High 22.82
Previous Daily Low 21.81
Previous Weekly High 22.82
Previous Weekly Low 21.57
Previous Monthly High 24.82
Previous Monthly Low 22.12
Daily Fibonacci 38.2% 22.43
Daily Fibonacci 61.8% 22.19
Daily Pivot Point S1 22.08
Daily Pivot Point S2 21.44
Daily Pivot Point S3 21.07
Daily Pivot Point R1 23.09
Daily Pivot Point R2 23.46
Daily Pivot Point R3 24.1

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