Silver Price Analysis: XAG/USD dips below $25.00 but remains bullish
|- Silver retreats to $24.80, pressured by climbing US Treasury yields and a stronger Dollar.
- Technical outlook remains positive, with potential resistance points set at $25.50 and $25.91.
- Support levels to watch include $24.07 and $24.00, with significant moving averages providing additional benchmarks.
Silver’s price retreated below $25.00 per troy ounce as US Treasury yields climbed following US data that induced investors to trim Fed rate cut bets. Consequently, the US Dollar rallied, and the XAG/USD exchanged hands at $24.80, down 0.79%.
XAG/USD Price Analysis: Technical outlook
Silver remains upward biased despite retreating below the $25.00 figure. Although it achieved a daily close around $24.80, the grey metal remains poised for gains that could drive prices toward the $25.50 area and beyond. The next stop would be the December 4 high at $25.91, and up next would be the $26.00 mark.
On the other hand, if sellers stepped in and drove XAG/USD prices below $24.50, the first key support level is seen at $24.07, the March 13 daily low. Once surpassed, the next stop would be $24.00, followed by the confluence of the 100 and 200-day moving averages (DMAs) at $23.29/30.
XAG/USD Price Action – Daily Chart
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