Silver Price Analysis: XAG/USD Outshined Gold, Hovered Near Year-To-Date Highs Despite High US Yields
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- Silver's bullish streak led the metal above the $25.00 level, as it defied broader market trends with over 1.40% gains.
- A new year-to-date high at $25.44 highlighted the XAG/USD pair's resilience, with the $26.00 mark in sight as the next level of resistance.
- Should silver retreat below $25.00 in the coming days, a move towards $24.50 and potentially $24.01 could unfold, testing buyer strength.
On Friday, the price of silver shined and registered solid gains of more than 1.40%, as it shrugged off gold’s two consecutive days of losses. It rose approximately 1.52%, as it recently traded at around $25.18 as of the time of writing. The XAG/USD duo advanced even though the greenback remained strong, underpinned by high US Treasury bond yields.
XAG/USD Price Analysis: Technical Outlook
During the trading session, silver printed a new year-to-date high of $25.44, but the advance toward the $26.00 mark was capped by an up-slope support trendline that turned into resistance. That sent XAG/USD retreating toward recent price levels. Nevertheless, the Relative Strength Index (RSI) indicator was still bullish, indicating that bullish momentum remained in charge, and the $26.00 resistance level could be up for grabs in the coming days.
On the other hand, if XAG/USD could fall below the $25.00 mark, sellers could launch an assault towards the $24.50 area, followed by the March 12 daily low of $24.01.
XAG/USD Price Action – Daily Chart
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XAG/USD Technical Levels
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