Silver Price Analysis: XAG/USD holds near YTD high around $24.50

Silver inches closer to retesting its year-to-date high of $24.63, after marking a 0.86% increase.
Technical dynamics suggest potential for further gains if silver surpasses the $24.50 resistance.
Downside risks loom if silver falls below $24.31, targeting supports at $24.00 and the March 6 low of $23.57.

Christian Borjon Valencia FXStreet

Silver's price rallies, but it remains below the new year-to-date (YTD) high of $24.63. It reached earlier, post gains of 0.86%, and trades at around $24.50 during the mid-North American session.

XAG/USD Price Analysis: Technical outlook

Silver retreated during the day, below the March 7 daily close of $24.31, which could sponsor a leg down if sellers push the prices lower. However, buyers are keeping Silver’s price above the latter, and if they reclaim the $24.50 level, that could push XAG/USD to re-test $24.63, ahead of $25.00.

On the flip side, if sellers drag Silver’s prices below $24.31, XAG/USD could dive to $24.00. A breach of the latter will expose the March 6 low of $23.57, followed by the confluence of the 100 and 200-day moving average (DMA) at $23.27.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	24.34
Today Daily Change	0.01
Today Daily Change %	0.04
Today daily open	24.33

Trends
Daily SMA20	23
Daily SMA50	22.94
Daily SMA100	23.28
Daily SMA200	23.29

Levels
Previous Daily High	24.5
Previous Daily Low	24.01
Previous Weekly High	23.27
Previous Weekly Low	22.28
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.32
Daily Fibonacci 61.8%	24.2
Daily Pivot Point S1	24.06
Daily Pivot Point S2	23.79
Daily Pivot Point S3	23.57
Daily Pivot Point R1	24.55
Daily Pivot Point R2	24.78
Daily Pivot Point R3	25.05

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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