Silver Price Analysis: XAG/USD soars after Fed’s decision, eyes set on $26.00

Silver prices surge nearly 3%, buoyed by the Federal Reserve's decision to maintain current interest rates.
US Dollar Index declines, supporting silver's upward momentum as investors digest the Fed's dovish stance.
Technical indicators suggest potential for further gains, with XAG/USD traders targeting the $26.00 resistance level.
Downside risks include a retracement towards the $25.00 support, and below.

Christian Borjon Valencia FXStreet

Silver prices climbed on Wednesday after the US central bank, the Federal Reserve, held rates unchanged, delivering a “dovish” hold. Consequently, US Treasury yields edged down, and the Greenback remained pressured, as shown by the US Dollar Index (DXY), down 0.37% at 103.44. Therefore, XAG/USD trades at $25.61, up close to 3%.

XAG/USD Price Analysis: Technical outlook

Silver rallied sharply above the $25.50 rea, hitting a daily high at $25.63. A further upside is seen above that area, with grey metal traders eyeing $26.00 a troy ounce as the next key resistance level. Once those two levels are taken out, the next supply zone would be the April 18, 2022, high at $26.21, followed by the March 8, 2022, high at $26.94.

If sellers move in and drag prices below March 15’s high of $25.43, look for a drop toward $25.00. Once cleared, the next stop would be the December 22 high turned support at $24.60, followed by the $24.00 mark.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	25.55
Today Daily Change	0.64
Today Daily Change %	2.57
Today daily open	24.91

Trends
Daily SMA20	23.8
Daily SMA50	23.16
Daily SMA100	23.41
Daily SMA200	23.32

Levels
Previous Daily High	25.16
Previous Daily Low	24.73
Previous Weekly High	25.45
Previous Weekly Low	24.01
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.89
Daily Fibonacci 61.8%	24.99
Daily Pivot Point S1	24.71
Daily Pivot Point S2	24.51
Daily Pivot Point S3	24.29
Daily Pivot Point R1	25.14
Daily Pivot Point R2	25.36
Daily Pivot Point R3	25.56

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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