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The quotes of the XAG/USD pair are trading around 23.60, and the main reason for strengthening the positions of silver is the correction of the USD, in which the precious metal is denominated: recently, the USD Index has dropped from the level of 107,000 to 104,000, which forces the markets to look for new ways to save their capital.

Another factor providing global support for quotations is the situation in China. The country's authorities have decided to ease quarantine restrictions in the industrial centers of Shanghai and Guangzhou, which will have a positive impact on demand. However, this factor is more long-term, and its effect can be absorbed by local events. For example, it is expected that by the end of 2022, global silver production will increase by only 1.0%, which means that the current supply of the metal will be quickly absorbed by demand, and the deficit will persist.

The ambiguous situation in the asset is clearly demonstrated by the data on the positions of traders on the stock exchange. According to the report of the US Commodity Futures Trading Commission (CFTC), the ratio of sellers' and buyers' positions among swap dealers is approximately equal, and amounts to 36.912K versus 39.987K.

Thus, most factors indicate neutrality and, most likely, there will be no major changes in the price of the XAG/USD pair until the end of this year.

On the daily chart of the asset, quotes continue the global correction, being above the resistance line of a wide ascending channel.

Technical indicators, despite the slowdown, still hold the global buy signal: the range of EMA fluctuations on the alligator indicator is gradually narrowing, and the histogram of the AO oscillator is forming new descending bars while in the buy zone.

Support levels: 22.50, 21.50. | Resistance levels: 23.40, 24.40.