Silver Price Analysis: XAG/USD reached a new two-day high but fell short of $24.00

Silver price extended its gains for the second consecutive day, cleared Thursday’s daily high of $23.93, and held its ground above the 20-day Exponential Moving Average (EMA), reaching a new two-day high at $24.07. Nevertheless, as the North American session progressed, the XAG/USD retraced below $24.00 and is trading at $23.93.

Silver Price Analysis: XAG/USD Technical Outlook

XAG/USD daily chart suggests the white metal is peaking at around the $24.50 area, despite breaching the 20-day EMA on Thursday. After testing the YTD high of $24.54 twice during the month, XAG/USD dropped to its 2023 low of $23.12 and, since then, has not been able to crack the $24.00 figure decisively. Further, the Relative Strength Index (RSI) resumed its upward trajectory, but the Rate of Change (RoC) suggests that buyers are gathering some momentum.

Given the above scenario, if XAG/USD clears $24.50, that would keep buyers in charge, and it would open the door to test the $25.00 psychological level. A break above will expose the April 18 daily high at $26.21.

As an alternate scenario, the XAG/USD first support would be the 20-day Exponential Moving Average (EMA) at 23.69. A breach of the latter would send Silver sliding toward the January 19 pivot low of $23.17, ahead of the $23.00 figure, which sits slightly above the 50-day EMA at $22.91.

Silver Key Technical Levels