Silver Price Analysis: XAG/USD strengthens after breaking above $26.00
|- Silver jumps to $26.29, the highest since Friday, after breaking $26.00.
- During the American session, the recovery in metals lost strength.
Silver (XAG/USD) broke above $26.00 and climbed to $26.29, reaching the highest level since last Friday. The move higher took place amid a rally in metals and also boosted by technical factors. However, during the last hours, metals lost momentum and pulled back, trimming daily gains.
The US dollar rose modestly during the American session, erasing a small part of its daily gains against most currencies. The DXY rebounded at 91.50 and climbed to 91.70. At the same time, stocks turned to the downside in Wall Street, and US yields rose modestly. The 10-year yield still remains under 1.50%.
As of writing, XAG/USD is hovering around $26.10, up 1.25% for the day. The recovery lost momentum, but it could rise further if it manages to hold above $26.00, targeting the $26.50 area.
A decline back under $26.00 would weaken the short-term outlook, putting the price back in the $25.70/$26.00 range. A consolidation under $25.70 would increase the bearish pressure.
Silver 4-hour chart
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.