Silver Price Analysis: XAG/USD Fails Again To Hold Above $24.20

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Silver is having a positive but volatile day on Tuesday. Recently XAG/USD rebounded from a session low at $23.80 to $24.28, matching last week high and then pulled back. It is hovering around $24.00 with a bullish bias, still facing important resistance ahead.

The improvement in risk appetite at the beginning of the week boosted commodities, particularly after last week’s US inflation data. At the same time, bonds in the US and Europe dropped. Higher yields limited the upside in Gold, the decline of the Dollar, and the break above $24.25/30 of XAG/USD.

As of writing, XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction ahead with an initial target at $23.55 and then $23.35 (Dec 22 low).

A firm break above $24.25 would clear the way to more gains targeting $24.55 and then the $25.00 zone.


XAG/USD 4-hour chart

(Click on image to enlarge)

XAGUSD


Technical levels


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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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