Silver Price Analysis: XAG/USD bulls take a respite after failing to crack $25.00
- Silver price rallies more than 1.10% on Tuesday, courtesy of the Fed’s dovish comments.
- Buyers remain in charge but must reclaim $25.00 so they can test year-to-date (YTD) figures.
- If sellers keep the spot price below $25.00, that will sponsor a leg-down to $24.00.
Silver price refreshed three-month highs shy of the $25.00 figure and retreated to the $24.80s area after dovish remarks by a Federal Reserve (Fed) official weakened the Greenback. At the time of writing, the XAG/USD is trading at $24.88, gaining more than 1%
XAG/USD has extended its gains for the fourth straight session, though it failed to climb above the $25.00 figure, which would likely sponsor a leg up towards the July 19 high at $25.23. Once those two ceiling levels are conquered, buyers would need to decisively break the $26.00 mark, ahead of testing the May 5 high at $26.13.
On the downside, if Silver sellers keep the grey metal from printing a daily close above $25.00, expect a leg-down, initially to test the waters at around the November 27 daily low of $24.27. Prices could potentially consolidate around that area, but further support lies at around the November 17 high at $24.14, ahead of the $24.00 mark.
XAG/USD Price Analysis – Daily Chart
XAG/USD Technical Levels
Author
Christian Borjon Valencia
FXStreet
Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.
