Let’s talk Silver: Gains 0.63% to $ 23.12 an ounce
The recovery in silver prices is supported by the strength in US factory orders and employment. However, this is offset by the slower pace of economic activity.
Highlights:
- The recovery in silver prices is supported by the strength in US factory orders and employment. However, this is offset by the slower pace of economic activity.
- The XAG/USD pair is expected to see a bullish outlook if it can reclaim the 100-DMA at around $23.30.
- If silver prices fall below $23.00, support can be seen at the January 4 low at $22.69 and the December 13 low at $22.51.
Although silver prices rose on Friday, they retreated after reaching a two-day peak of around $23.51. This was mainly due to the mixed economic data released in the US.
Despite a stronger-than-expected report on employment and a surge in factory orders, business activity continued to slow down.
The price of XAG/USD is currently at around $23.12. According to the daily chart, the grey metal is biased neutral.
The lackluster performance of the moving averages on the 50-, 100-, and 200-day timeframes suggests that market participants are indecisive. A break above the crucial 200-DMA at $23.65 would ignite a challenge to the upside, targeting the $24.00 region.
If XAG/USD sellers drag prices lower, a test of the January low of $22.69 would be triggered. A break below this level would then expose the December 13 low at $22.51.
XAG/USD Price Action – Daily Chart
