Silver Price Analysis: XAG/USD jumps to $25.80, highest in almost two weeks

  • Silver rises by more than 3% on Thursday, on risk appetite, weaker dollar.
  • XAG/USD back above the 20-day simple moving average.

Silver is sharply higher on Thursday, extending the rally that started on Tuesday from $24.47, the lowest since April. During the last sessions, it gained more than 5%. The key trigger of the reversal was a correction, then boosted by an improvement in risk sentiment.

What started as a correction amid profit-taking, turned into a sharp reversal. In a few sessions, silver erased most of the month’s losses. On Thursday, XAG/USD peaked at $25.79, the highest level since July 16.

Also, gold is also up considerably on Thursday, 1.5%. The improvement in risk sentiment also contributed to the rally in commodities. At the same time, the US dollar is falling across the board. The DXY drops 0.60%, losing ground for the fourth consecutive day, at the lowest in a month.

XAG/USD recovered the 20-day moving average and is about to test the 200-day SMA that stands at $25.90. A recovery above $26.00 could clear the way to more gains over the short term. The positive tone will likely remain in place while above $25.40.

Technical levels


Today last price 25.77
Today Daily Change 0.81
Today Daily Change % 3.25
Today daily open 24.96
Daily SMA20 25.73
Daily SMA50 26.59
Daily SMA100 26.32
Daily SMA200 25.89
Previous Daily High 25.01
Previous Daily Low 24.62
Previous Weekly High 25.76
Previous Weekly Low 24.76
Previous Monthly High 28.56
Previous Monthly Low 25.52
Daily Fibonacci 38.2% 24.86
Daily Fibonacci 61.8% 24.77
Daily Pivot Point S1 24.71
Daily Pivot Point S2 24.46
Daily Pivot Point S3 24.31
Daily Pivot Point R1 25.11
Daily Pivot Point R2 25.26
Daily Pivot Point R3 25.51



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