Silver Price Analysis: XAG/USD edges high amidst risk-off impulse, shy of $24.50

Silver notches a 0.60% increase, trading at $24.46, buoyed by a cautious market sentiment.
Technical analysis hints at potential for breaking the $24.50 barrier, targeting year-highs.
Downside risks loom if silver dips below $24.18, with critical supports at $24.00 and $23.57 in focus.

Christian Borjon Valencia FXStreet

Silver climbs modestly as the New York session ends, registering gains of 0.60%, as XAG/USD trades at $24.46 after bottoming at around $24.24. A risk-off impulse pushed the grey’s metal price upwards amidst high US Treasury bond yields. Nevertheless, it remains below last week’s high of $24.50.

XAG/USD Price Analysis: Technical outlook

After hitting a low in the $24.20s range, Silver’s jumped toward the $24.40 area, though shy of cracking the $24.50 psychological figure. Even though Relative Strength Index (RSI) studies suggest further upside, buyers must break that area. Once cleared, up next would be the current year-to-date (YTD) high of $24.63, followed by the August 30 peak at $25.00. A decisive break would expose the December 4 high at $25.91.

In another scenario, if sellers stepped in and dragged XAG/USD’s prices below the March 8 low of $24.18, downside risks emerged at $24.00. The next support would be the March 6 low of $23.57.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	24.47
Today Daily Change	0.17
Today Daily Change %	0.70
Today daily open	24.3

Trends
Daily SMA20	23.09
Daily SMA50	22.95
Daily SMA100	23.29
Daily SMA200	23.29

Levels
Previous Daily High	24.64
Previous Daily Low	24.18
Previous Weekly High	24.64
Previous Weekly Low	23.02
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.35
Daily Fibonacci 61.8%	24.46
Daily Pivot Point S1	24.1
Daily Pivot Point S2	23.91
Daily Pivot Point S3	23.64
Daily Pivot Point R1	24.56
Daily Pivot Point R2	24.83
Daily Pivot Point R3	25.02

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.

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.