Silver Price Analysis: XAG/USD shines above $24.00 fueled by soft US Dollar

Silver's nearly 1% gain drives it to around $24.40, as market bets on a June Federal Reserve rate cut.
Technical indicators bullish as silver surpasses 50, 100, and 200-day DMAs, eyeing December highs.
Despite bullish trend, potential pullback risks exist if silver dips below $24.50, with supports at $24.00 and $23.57.

Christian Borjon Valencia FXStreet

Silver price advances during Thursday’s session, gains almost 1% and stays above the $24.00 figure as investors expect a rate cut by the Federal Reserve in June. Therefore, XAG/USD exchanges hands at $24.40.

XAG/USD Price Analysis: Technical outlook

After bottoming at around $22.50, the grey metal extended its gains due to fundamental news. That opened the door to clear key resistance levels seen at the 50, 100, and 200-day moving averages (DMAs). If buyers push prices above the December 28 high of $24.48, look for a leg-up toward the December 22 peak at $24.60, ahead of the $25.00 psychological figure.

On a bearish scenario, the less likely as Relative Strength Index (RSI) studies show bullish momentum, XAG/USD’s daily close below $24.50, could sponsor a pullback. The first support would be the $24.00, followed by the March 6 low of $23.57,

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	24.39
Today Daily Change	0.22
Today Daily Change %	0.91
Today daily open	24.17

Trends
Daily SMA20	22.91
Daily SMA50	22.93
Daily SMA100	23.26
Daily SMA200	23.28

Levels
Previous Daily High	24.3
Previous Daily Low	23.57
Previous Weekly High	23.27
Previous Weekly Low	22.28
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.03
Daily Fibonacci 61.8%	23.85
Daily Pivot Point S1	23.73
Daily Pivot Point S2	23.28
Daily Pivot Point S3	23
Daily Pivot Point R1	24.46
Daily Pivot Point R2	24.75
Daily Pivot Point R3	25.19

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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