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EUR/USD bears are moving in with a focus on 1.1305, Russia invasion risk weighing

Silver Price Analysis: XAG/USD grinds higher on the way to $24.00

WikiFX

| 2022-02-14

Abstract：Silver (XAG/USD) pares intraday gains around $23.65, up 0.10% on a day during the mid-Asian session on Monday.

Silver retreats after refreshing 13-day high, keeps bounce off 100-DMA.

Bullish MACD signals also underpin run-up towards 200-DMA.

Seven-month-old resistance line acts as the key hurdle.

The bright metal refreshed multi-day low during the early Asian session before easing from $23.78.

The pullback moves, however, remain above the 100-DMA amid bullish MACD signals, which in turn keeps the buyers hopeful until the quote drops below the stated SMA support, around $23.20 by the press time.

Also acting as downside filters are 23.6% Fibonacci retracement (Fibo.) of July-September declines and a five-week-long horizontal support zone, respectively around $22.70 and $22.00.

Alternatively, XAG/USD upside eyes $24.00 threshold as the immediate resistance ahead of confronting the 50% Fibo. near $24.10.

It should be noted, though, that the quotes upside past $24.10 will be challenged by the 200-DMA and a descending trend line from July, near $24.35 and $24.45 in that order.

Overall, silver prices are likely to advance further but the upside is seen as limited.

Silver: Daily chart

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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