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Silver Price Analysis: XAG/USD is around the daily high and is set for additional appreciation

Alina Haynes

Dec 26, 2022 19:12

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Silver receives new offers on Friday, snapping a two-day losing run and halting this week's retreat from an eight-month peak. The white metal maintains its bid tone throughout the first half of the European session and is currently positioned near the daily high, in the vicinity of $23.75.

 

The development of purchasing at the $23.40-$23.35 horizontal resistance breakpoint, which is now acting as support, favors bullish traders from a technical standpoint. The restrictive setting is backed by oscillators on the daily chart maintaining their positive bias and oscillators on the 4-hour chart regaining momentum.

 

Consequently, a subsequent rally toward recovering the $24.00 threshold remains a real possibility. The next significant barrier is located at the multi-month high, in the vicinity of the $24.30 region that was achieved on Wednesday. If this barrier is cleared, the XAG/USD should rise towards the $25.00 psychological level, with an intermediate barrier near the $24.60-$24.70 region.

 

On the other hand, the $24.40-$24.35 resistance-turned-support, which is also the daily low, should protect the near-term downside before to the $24.15 confluence support. The latter consists of the 100-period SMA on the 4-hour chart and an ascending trend line extending from the November low, which should provide a solid foundation for the XAG/USD.

 

A convincing breakthrough, followed by a decline below the $23.00 round number, will negate the positive view and alter the bias towards bearish traders. The XAG/USD may therefore become susceptible and accelerate its decline to test the $22.00 round-figure level, with some intermediate support in the $22.55-$22.50 horizontal zone.

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