- Silver picks up bids to print the first daily gains in three.
- Three-week-old bullish channel, ascending trend line from late October keep buyers hopeful.
- MACD signals challenge upside bias but bears should remain cautious beyond $21.25.
Silver price (XAG/USD) welcomes buyers after bears failed to hold the castle following a two-day reign. That said, the bright metal picks up bids to refresh intraday high near $23.70 during early Friday.
In doing so, the XAG/USD recovers from the 10-DMA support of $23.55 to print the first daily gains in three while staying inside an upward-sloping trend channel established in late November.
Not only the aforementioned bullish channel, currently between $23.20 and $25.00, but a two-month-old ascending support line, close to $22.60, also challenges the Silver bears from taking control.
Even if the commodity price drops below $22.60 support, the tops marked during November and October around $22.25 and $21.25, could challenge the downside momentum. Following that, a slump toward the $20.00 threshold can’t be ruled out.
On the contrary, Silver price recovery initially aims for the $24.00 round figure ahead of challenging the monthly high surrounding $24.30.
In a case where the XAG/USD remains firmer past $24.30, the aforementioned bullish channel’s top line near $25.00 could act as the last defense of sellers.
Should the quote fail to reverse from $25.00, a run-up toward April’s high near $26.25 appears more likely.
Silver price: Daily chart
Trend: Further recovery expected
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.