Silver Price Analysis: XAG/USD eyes 26.00 and the 55-day SMA

Silver is rising by more than 2% on Thursday, trading at the highest in almost a month.
Outlook points to further gains for a test of $26.00 and the 55-day SMA.

Matías Salord FXStreet

Silver and gold are rising sharply on Thursday, boosted by a decline in US yield and higher equity prices. The risk-on mood across financial markets, accompanied by lower yields, triggered a sharp rally in metal, only limited by a mixed performance on the US dollar. The DXY trades flat around 91.60/70.

The break above $25.60 (previous monthly high) gave XAG/USD another boost to the upside. The price peaked at $25.98, and it remains near the top with the positive tone intact. The next area to break is the $26.00 zone.

A consolidation above $26.00 would clear the way to further gains targeting the 55-day simple moving average (SMA) at $26.20. The mentioned average has been relevant over the last months. A daily close above well above would improve the outlook for the bulls. A failure around that area would suggest difficulties ahead for silver.

The area at $25.60 is now the immediate support. A decline below $25.20 would increase the bearish pressure.

XAG/USD daily chart

XAG/USD

Overview
Today last price	25.95
Today Daily Change	0.53
Today Daily Change %	2.08
Today daily open	25.42

Trends
Daily SMA20	25.21
Daily SMA50	26.11
Daily SMA100	25.73
Daily SMA200	25.18

Levels
Previous Daily High	25.54
Previous Daily Low	25.2
Previous Weekly High	25.62
Previous Weekly Low	24.61
Previous Monthly High	27.08
Previous Monthly Low	23.78
Daily Fibonacci 38.2%	25.41
Daily Fibonacci 61.8%	25.33
Daily Pivot Point S1	25.24
Daily Pivot Point S2	25.05
Daily Pivot Point S3	24.9
Daily Pivot Point R1	25.57
Daily Pivot Point R2	25.72
Daily Pivot Point R3	25.91

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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