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21 Dec 2023

Silver Price Analysis: XAG/USD holds above $24.00, seems poised to appreciate further

  • Silver gains some positive traction for the third successive day on Thursday.
  • The technical setup favours bulls and supports prospects for further gains.
  • A break below an ascending trend line is needed to negate the positive bias.

Silver (XAG/USD) attracts some buyers for the third straight day on Thursday and stalls the previous day's late pullback from the vicinity of mid-$24.00s or over a two-week high. The white metal sticks to its intraday gains through the early European session and is currently placed around the $24.25-$24.30 region, up nearly 1% for the day.

Against the backdrop of the recent solid bounce from a multi-month-old ascending trend-line support, acceptance above the 200-day Simple Moving Average (SMA) and the $24.00 round figure favours bullish traders. Moreover, oscillators on the daily chart have just started gaining positive traction and suggest that the path of least resistance for the XAG/USD is to the upside.

Some follow-through buying beyond the overnight swing high, around the $24.45 zone, will reaffirm the constructive outlook and allow bulls to reclaim the $25.00 psychological mark. The momentum could get extended further towards the $25.25 hurdle en route to the $25.45-$25.50 area and the $26.00 neighbourhood, or the highest level since May touched earlier this month.

On the flip side, the $24.00 mark now seems to protect the immediate downside. Any subsequent decline is more likely to attract fresh buyers and remain limited near the 200-day SMA, around the $23.60 region. A convincing break below the latter, however, might prompt technical selling and drag the XAG/USD to the aforementioned trend-line support, currently near the $23.00 mark.

The latter should act as a key pivotal point, which if broken decisively might shift the near-term bias in favour of bearish traders. The XAG/USD might then accelerate the downfall further towards the monthly swing low, around mid-$22.00s before dropping to the $22.25 intermediate support and the $22.00 round-figure mark.

Silver daily chart

fxsoriginal

Technical levels to watch

 

Dec 21, 2023

FX option expiries for December 21 NY cut

FX option expiries for December 21 NY cut at 10:00 Eastern Time, via DTCC, can be found below.
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Dec 21, 2023

AUD/USD seen at 0.70 by the end of next year – BNP Paribas

Economists at BNP Paribas expect a bullish year for AUD/USD and NZD/USD in 2024.
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