Silver Price Analysis: XAG/USD erases 2.20% loss and turns positive
|- Sharp bounce in metals, boosted by a reversal of the US Dollar.
- XAG/USD bottomed at $24.63, lowest in two weeks, and is at $25.20.
- Next resistance for Silver is seen around $25.20/25.
Silver reversed sharply rising 2.50% from the daily low. XAG/USD has turned positive and is testing daily highs near the $25.20/25 area. Just one hour ago, the price bottomed at $24.63, the lowest since April 6.
The rally in metals is gaining speed even as US yields rise and despite a negative opening in Wall Street. A decline of the US Dollar helped the intraday reversal in metals.
Gold also rose sharply during the last hours, gaining more than $20. XAU/USD is still down for the day, but off lows and back above $1,990/oz.
Testing again $25.20/25
After the jump, XAG/USD tests a key short-term resistance around $25.20/25 again. A consolidation above would point to more gains, initially targeting the $25.60 zone. On the flip side, now $25.00 is again a support level. The downside seems limited as long as Silver stays above $24.75. A consolidation below should trigger more losses, with the next support at $24.20.
XAG/USD 4-hour chart
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