Silver Price Analysis: XAG/USD Shines Above $24.00 Fueled By Soft US Dollar
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Silver price advances during Thursday’s session, gains almost 1%, and stays above the $24.00 figure as investors expect a rate cut by the Federal Reserve in June. Therefore, XAG/USD exchanges hands at $24.40.
XAG/USD Price Analysis: Technical outlook
After bottoming at around $22.50, the grey metal extended its gains due to fundamental news. That opened the door to clear key resistance levels seen at the 50, 100, and 200-day moving averages (DMAs). If buyers push prices above the December 28 high of $24.48, look for a leg-up toward the December 22 peak at $24.60, ahead of the $25.00 psychological figure.
On a bearish scenario, the less likely as Relative Strength Index (RSI) studies show bullish momentum, XAG/USD’s daily close below $24.50, could sponsor a pullback. The first support would be the $24.00, followed by the March 6 low of $23.57,
XAG/USD Price Action – Daily Chart
(Click on image to enlarge)
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 24.39 |
| Today Daily Change | 0.22 |
| Today Daily Change % | 0.91 |
| Today daily open | 24.17 |
| TRENDS | |
|---|---|
| Daily SMA20 | 22.91 |
| Daily SMA50 | 22.93 |
| Daily SMA100 | 23.26 |
| Daily SMA200 | 23.28 |
| LEVELS | |
|---|---|
| Previous Daily High | 24.3 |
| Previous Daily Low | 23.57 |
| Previous Weekly High | 23.27 |
| Previous Weekly Low | 22.28 |
| Previous Monthly High | 23.5 |
| Previous Monthly Low | 21.93 |
| Daily Fibonacci 38.2% | 24.03 |
| Daily Fibonacci 61.8% | 23.85 |
| Daily Pivot Point S1 | 23.73 |
| Daily Pivot Point S2 | 23.28 |
| Daily Pivot Point S3 | 23 |
| Daily Pivot Point R1 | 24.46 |
| Daily Pivot Point R2 | 24.75 |
| Daily Pivot Point R3 | 25.19 |
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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
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