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XAGUSD maintains stability above the middle of $21.00, around the 200 DMA pivot point

Alina Haynes

Nov 14, 2022 18:45

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Silver has modest buying interest near $21.30 on Monday and reaches a new daily high during the first half of the European trading session. The white metal is currently trading in the $21.65-$21.70 range, but remains below Friday's five-month high.

 

In a broader context, the XAGUSD has struggled to capitalize on its upward rise beyond the extremely significant 200-day simple moving average (SMA). Before positioning for any additional near-term appreciation, it would be advisable to await some follow-through buying.

 

From current levels, the multi-month high near $22.05 could represent an immediate obstacle. The next significant resistance is located in the $22.45-$22.50 supply zone, which, if broken, will provide as a new bullish trigger and pave the way for further rises.

 

The XAGUSD might then accelerate its momentum towards $23.00 and eventually ascend to the May swing high in the vicinity of $23.25-23.30. Given that the RSI on the daily chart is on the edge of entering the overbought zone, the latter should prove difficult for bulls to overcome.

 

In contrast, the zone around the daily low of $21.35 presently appears to safeguard the immediate downside. Any more decline might be viewed as a buying opportunity and should be contained near $21.00, which could now serve as a pivot point for short-term traders.

 

A decisive breach below might spark technical selling and bring the XAGUSD below the $20.40 support zone. Failure to defend the aforementioned support levels could nullify the near-term bullish picture and change the market's tilt towards negative traders.


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