Silver Price Analysis: XAG/USD rises 2.40% from day’s low
|- Silver outperforms gold on Friday, XAG/XAU ratio at one-month lows.
- Price hit $22.50 for the first time since early February.
Silver jumped during the last hour, climbing from $23.16 to $23.52, reaching the highest level since early February. Gold is algo rising, trading at weekly highs slightly above $2,000.
Since the beginning of the week, XAG/USD has gained 4% and from the March 10 low, almost 20%. Price is testing a relevant technical area and a consolidation above $23.50 could keep the road to more gains clear, even as technical indicators show extreme overbought conditions.
Friday’s rally in metals takes place amid a deterioration in market sentiment. Wall Street futures trade in negative on renewed bank concerns. At the same time, the decline in US bond yields offers support to the rally in Gold.
However, Silver is outperforming Gold on Friday and also during the week. The ratio peaked early in March and since then it trended lower. It is back at February levels.
Silver/Gold ratio daily chart
Technical levels
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