- XAG/USD stays firm and climbs as the US Dollar remains offered across the board.
- Silver Price Analysis: Range-bound but could turn bullish above $24.50; otherwise, it could re-test the 50-DMA.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY drops toward 142.00 ahead of BoJ policy decision
USD/JPY has turned south, approaching 142.00 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict.
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood
AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed.
Gold price treads water below record peak, awaits Fedspeak
Gold price hovers below the all-time peak touched earlier this week amid a bearish US Dollar and rising bets for more upcoming rate cuts by the Fed. Concerns over an economic downturn in China keep the safe-haven Gold price afloat. Fedspeak remains on tap.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.