Silver Price Analysis: XAG/USD rises 2.40% from day’s low

Silver outperforms gold on Friday, XAG/XAU ratio at one-month lows.
Price hit $22.50 for the first time since early February.

Matías Salord FXStreet

Silver jumped during the last hour, climbing from $23.16 to $23.52, reaching the highest level since early February. Gold is algo rising, trading at weekly highs slightly above $2,000.

Since the beginning of the week, XAG/USD has gained 4% and from the March 10 low, almost 20%. Price is testing a relevant technical area and a consolidation above $23.50 could keep the road to more gains clear, even as technical indicators show extreme overbought conditions.

Friday’s rally in metals takes place amid a deterioration in market sentiment. Wall Street futures trade in negative on renewed bank concerns. At the same time, the decline in US bond yields offers support to the rally in Gold.

However, Silver is outperforming Gold on Friday and also during the week. The ratio peaked early in March and since then it trended lower. It is back at February levels.

Silver/Gold ratio daily chart

Technical levels

XAG/USD

Overview
Today last price	23.39
Today Daily Change	0.28
Today Daily Change %	1.21
Today daily open	23.11

Trends
Daily SMA20	21.39
Daily SMA50	22.26
Daily SMA100	22.46
Daily SMA200	20.97

Levels
Previous Daily High	23.22
Previous Daily Low	22.76
Previous Weekly High	22.61
Previous Weekly Low	20.54
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	23.05
Daily Fibonacci 61.8%	22.94
Daily Pivot Point S1	22.84
Daily Pivot Point S2	22.57
Daily Pivot Point S3	22.37
Daily Pivot Point R1	23.3
Daily Pivot Point R2	23.5
Daily Pivot Point R3	23.77

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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