XAG/USD hovers around $22.80, grapples with 50-DMA in lackluster trade

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• Silver price seesaw from daily high of $23.69 to low of $22.88, closing at $22.81.
• Key resistance levels at 50-DMA of $22.94 and 200-DMA of $23.29 cap potential rally attempts.
• Downside support at $23.00, with further levels at the October 26 low of $22.44 and 20-day EMA of $22.21.

Silver price (XAG/USD) is almost flat during Thursday’s session after seesawing in a volatile day, reaching a daily high of $23.69 before diving towards its low of $22.88. As the Wall Street close looms, the XAG/USD trades at $22.81, registering losses of 0.12%.

The daily chart portrays the pair as neutral to downward biased, as the XAG/USD sits below the 50 and 200-day moving averages (DMAs), which would cap any rallies intents at $22.94 (50-DMA) and $23.29 (200-DMA). If those two levels are cleared, the next stop would be the top of the Bollinger-Band at $23.71, followed by $24.00.

On the downside, the first key support level lies at $23.00, followed by the October 26 low of $22.44. A breach of the latter would expose the 20-day Exponential Moving Average (EMA) at $22.21, before challenging the $22.00 mark.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels