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14 Mar 2023

Silver Price Analysis: Key EMAs prod XAG/USD bulls at three-week high near $22.00

  • Silver price eases around monthly top after rising the most since early November 2022.
  • Convergence of 50-day, 100-day EMAs challenge XAG/USD bulls.
  • Bullish MACD signals, sustained bounce off multi-day-old support line keep Silver buyers hopeful.

Silver price (XAG/USD) slides to around $21.70 as bulls take a breather following the biggest daily jump in more than four months. With this, the bright metal traces the Gold price while probing XAG/USD bulls ahead of the key US inflation data.

Also read: Gold Price Forecast: XAU/USD retreats on sluggish Treasury yields ahead of United States inflation

That said, a convergence of the 50-day and the 100-day Exponential Moving Average (EMA) challenges the immediate upside of the Silver price near $21.90. Adding strength to the stated resistance is the 38.2% Fibonacci retracement level of the metal’s run-up from September 2022 to February 2023.

It should, however, be noted that the XAG/USD rebound from the 5.5-month-old upward-sloping trend line, around $20.00 by the press time, joins the bullish MACD signals to keep the Silver buyers hopeful.

Given the quote’s successful break of the $21.90 hurdle, as well as sustained trading beyond the 22.00 round figure, Silver bulls can aim for the 23.6% Fibonacci retracement level surrounding $23.00. Following that, a rally toward the 2023 peak surrounding $24.65 can’t be ruled out.

On the contrary, the Silver price pullback can aim for the 50% and 61.8% Fibonacci retracements, respectively near $21.10 and $20.25 at the latest, before challenging the previously mentioned multi-day-old support line, close to $20.00 by the press time.

It’s worth observing, though, that the XAG/USD weakness below $20.00 could make it vulnerable to testing the November 2022 low of near $18.80. During the fall, the monthly bottom surrounding $19.90 can act as a validation point.

Silver price: Daily chart

Trend: Further upside expected

 

Mar 14, 2023

GBP/USD Price Analysis: Bulls about to show their commitments

As per the prior analysis, GBP/USD Price Analysis: Bears seek a break of structure while price slows below 1.2200, the bears are staying the course in
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Mar 14, 2023

USD/CNY fix: 6.8949 vs. estimate of 6.8933

In recent trade today, the People’s Bank of China (PBOC) set the yuan at 6.8949 vs. the estimation of at 6.8933. About the fix China maintains strict
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