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