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Silver Price Analysis: A positive expanding pattern helps XAG / USD move higher

Alina Haynes

Mar 01, 2023 11:47

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Silver is making a recovery after hitting new YTD lows at $20.43 per troy ounce and is rising toward the $20.80 region as Wall Street ends. At the moment of writing, the white metal is up 1.30% and is currently selling at $20.89.

 

Fundamental factors like a strong US Dollar (USD), up 0.32% per the US Dollar Index, and increasing UST yields put a stop to silver's rise. Despite this, Silver reached a daily high of $21.00 before partially reversing its gains.

 

Technically speaking, XAG / USD is developing a bullish engulfing candle pattern, which would accentuate a rise above $21.00, but it is still a long way from altering Silver's preference.

 

Tuesday's advances were supported by the Relative Strength Index (RSI), which emerged from depressed conditions at 30, and the Rate of Change (RoC), which shows that prior selling pressure is abating.

 

For a positive resumption, the XAG / USD must overcome the psychological $21.00 threshold. Once completed, that would open the door to challenging the 20 and 200-day Exponential Moving Averages (EMAs) at $21.82 and $21.89 a silver ounce, respectively, before testing the 100-day EMA at $22.09.

 

On the other hand, the XAG / USD next support would be $20.43, which, once crossed, would keep buyers in control and expose the white metal to new YTD lows. Prior to trying the daily low of $18.84 on November 3, the psychological $20.00 level would be the next floor.

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