Silver Price Analysis: XAG/USD rises sharply above $25.00 as bulls target YTD high
|- Silver is threatening to test YTD highs after reaching a multi-month high.
- For that outcome, XAG/USD needs to rally above the $26.00 figure.
- XAG/USD could turn bearish if it drops below the $25.00 mark.
Silver price rises during Friday’s North American session, reached a six-month high at around $25.46 before dipping to its current spot price. At the time of writing, the XAG/USD is trading at $25.38 after bouncing from a daily low of $25.09, gaining 0.54%.
XAG/USD remains bullish and set to challenge the May 10 daily high at $25.91, ahead of the $26.00 figure. A breach of the latter will expose the year-to-date (YTD) high of $26.12.
For the XAG/USD to flip bearish, it would need to drop below the November 30 high of $25.28. Once done the next support would be the November 29 daily low of $24.85, followed by the November 28 low of $.24.54. Further downside is seen at the November 17 swing high turned support at $24.14.
XAG/USD Price Analysis – Daily Chart
XAG/USD Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.