Silver Price Analysis: XAG/USD Held Near Year-To-Date High Around $24.50

By Christian Borjon Valencia of FX Street

Editor • Mar 9, 2024 at 2:01 PM EST

The price of silver rallied on Friday, but it remained below the new year-to-date high of $24.63. It reached earlier such a level earlier, posted gains of 0.86%, and traded at around $24.50 during the North American session.

Silver, Bars, 5000 Grams, Real Value

Image Source: Pixabay

Silver inched closer to retesting its year-to-date high of $24.63 after marking an increase of 0.86%.
Technical dynamics seemed to suggest the potential for further gains if silver could surpass the $24.50 resistance.
Downside risks may loom if silver was to fall below the $24.31 level, before targeting supports at the $24.00 mark and the March 6 low of $23.57.

The price of silver rallied on Friday, but it remained below the new year-to-date high of $24.63. It reached earlier such a level earlier, posted gains of 0.86%, and traded at around $24.50 during the North American session.

XAG/USD Price Analysis: Technical Outlook

Silver retreated during the day, below the March 7 daily close of $24.31, which could sponsor a leg down if sellers were to push the prices lower in the coming week. However, buyers were keeping silver’s price above the latter, and if they were to reclaim the $24.50 level, that could push XAG/USD to re-test the $24.63 mark, ahead of $25.00.

On the flip side, if sellers were to drag silver’s prices below the $24.31 figure, XAG/USD could dive to $24.00. A breach of the latter would expose the March 6 low of $23.57, followed by the confluence of the 100- and 200-day moving average (DMA) at $23.27.

XAG/USD Price Action – Daily Chart

(Click on image to enlarge)

XAG/USD Technical Levels

More By This Author:

GBP/USD Price Analysis: Appreciates To Near 1.2810 Followed By December’s High
Silver Price Analysis: XAG/USD Shines Above $24.00 Fueled By Soft US Dollar
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