Silver Price Analysis: XAG/USD buyers eye $25.00 after breaking resistance around $24.25

XAG/USD’s breakout of technical resistance opened the door to testing $25.00.
XAG/USD’s pullback would expose a prior’s resistance trendline turned support around $24.25.

Christian Borjon Valencia FXStreet

Silver price is eyeing to extend its gains past the $25.00 a troy ounce after hitting a new YTD high at $24.98. Since then, the XAG/USD retreaded some of those gains and hovers around the $24.80-$24.95 area, gaining 4.03%.

XAG/USD Price action

From a daily chart perspective, the XAG/USD is upward biased. The break of a four-month-old downslope resistance trendline opened XAG’s door to test the $25.00 mark, which, once cleared, could pave the way for further upside, with risks at April 18 daily high at $26.21, followed by 2022 high at $26.94.

Oscillators like the Relative Strength Index (RSI) entered overbought conditions, but remained below 80, seen as the overbought peak, after a strong uptrend. The Rate of Change (RoC) continues to push higher, though it remains shy of hitting its peak after the RoC soared after Silver’s bottom was around $19.92.

In the event of a pullback, XAG/USD’s first support would be the four-month-old resistance trendline turned support at $24.20-35, followed by the $24.00 psychological level. Once broken, that would exacerbate a dip towards the hanging man low at $23.57.

XAG/USD Daily chart

XAG/USD Technical levels

XAG/USD

Overview
Today last price	24.92
Today Daily Change	0.94
Today Daily Change %	3.92
Today daily open	23.98

Trends
Daily SMA20	22.31
Daily SMA50	22.22
Daily SMA100	22.61
Daily SMA200	21.05

Levels
Previous Daily High	24.19
Previous Daily Low	23.57
Previous Weekly High	24.16
Previous Weekly Low	22.83
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	23.81
Daily Fibonacci 61.8%	23.96
Daily Pivot Point S1	23.64
Daily Pivot Point S2	23.3
Daily Pivot Point S3	23.02
Daily Pivot Point R1	24.25
Daily Pivot Point R2	24.53
Daily Pivot Point R3	24.87

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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