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.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	24.91
Today Daily Change	0.26
Today Daily Change %	1.05
Today daily open	24.65

Trends
Daily SMA20	23.23
Daily SMA50	22.8
Daily SMA100	23.27
Daily SMA200	23.34

Levels
Previous Daily High	24.88
Previous Daily Low	24.26
Previous Weekly High	24.33
Previous Weekly Low	23.25
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	24.65
Daily Fibonacci 61.8%	24.5
Daily Pivot Point S1	24.32
Daily Pivot Point S2	23.98
Daily Pivot Point S3	23.7
Daily Pivot Point R1	24.93
Daily Pivot Point R2	25.21
Daily Pivot Point R3	25.55

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.

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