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.

Christian Borjon Valencia FXStreet

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

Overview
Today last price	24.92
Today Daily Change	-0.02
Today Daily Change %	-0.08
Today daily open	24.94

Trends
Daily SMA20	22.81
Daily SMA50	22.27
Daily SMA100	22.68
Daily SMA200	21.09

Levels
Previous Daily High	25.14
Previous Daily Low	24.64
Previous Weekly High	24.16
Previous Weekly Low	22.83
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	24.83
Daily Fibonacci 61.8%	24.95
Daily Pivot Point S1	24.67
Daily Pivot Point S2	24.41
Daily Pivot Point S3	24.18
Daily Pivot Point R1	25.17
Daily Pivot Point R2	25.4
Daily Pivot Point R3	25.66

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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