Silver Price Analysis: XAG/USD hovers above the 200-DMA as buyers gather momentum

Share:

• Silver price tests 200-day simple moving average at $23.38, with daily low/high of $22.88/$23.69.
• For bullish continuation, silver buyers must keep prices above 200-DMA to challenge the $24.00 area.
• If XAG/USD drops below 200-DMA, next support levels are at $23.00, $22.91 (50-DMA), and $22.19 (20-DMA).

Silver price gathers steam and tests the 200-day moving average (DMA) at $23.38 at the time of writing. The XAG/USD hit a daily low/high of $22.88 and $23.69 per troy ounce, but as the Greenback (USD) pares some of its earlier losses, the non-yielding metal struggles to stay above the 200-DMA.