Silver Price Analysis: XAG/USD, clouded by investors’ indecision, fluctuates around $24.90s
- Silver prices show hesitation near YTD highs amidst market uncertainty.
- Oscillators flashed mixed signals, keeping XAG/USD traders at bay.
- XAG/USD Price Analysis: Upside risks at around $25.12; otherwise, it could fall towards $24.00.
Silver price registers back-to-back doji’s at around the YTD highs hit at 25.13 but stays shy of the $25.00 a troy ounce figure. At the time of writing, the XAG/USD is trading at 24.95 after hitting a daily high of $25.00.
XAG/USD Price Action
Buyers and sellers of the white metal, also known as Silver, are undecided according to the XAG/USD’s price action during the last couple of days. The Relative Strength Index (RSI) shifted overbought since the beginning of the week, flashing that buying pressure would fade soon. The Rate of Change (RoC) signals buyers remain in charge, but they must reclaim the YTD high at $25.13 before posing a threat to test the last year’s high at $26.95.
For a bullish resumption, XAG/USD needs a daily close above $25.00. That would open the door to testing the YTD high at $25.12, followed by $25.87, April’s 14 high. The following resistance would be $26.00, followed by the April 18 cycle high of $26.21.
If XAG/USD prints a daily close below $25.00, it could exacerbate a test of February’s 25 cycle high at $24.62. Once cleared, the white metal could drop to test a previous resistance trendline turned support at around $24.25-40 before diving towards $24.00.
XAG/USD Daily Chart
XAG/USD Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
