Silver Price Analysis: XAG/USD soars and breaks above $25.00, hits four-month high
- Silver (XAG/USD) surpasses the key $25.00 level, reaching a four-month peak at $25.25.
- After a brief pause on November 29, Silver resumed its upward trend.
- Key resistance levels to watch include the psychological barrier at $25.50, the May 10 swing high at $25.91, and the year-to-date high of $26.13.
- XAG/USD would shift bearish on a daily close below $25.00.
Silver climbs above the $25.00 figure for the first time since August and reaches a four-month high of $25.25, even though US Treasury bond yields and the US Dollar (USD) post solid gains. Nevertheless, the grey metal rises more than 0.70%, exchanging hands above the $25.10 area.
The XAG/USD resumed its uptrend after pausing on November 29, which witnessed the formation of a ‘doji,’ but buyers achieving a daily close above $25.00 opened the door for further gains. That said, the first resistance would be the psychological $25.50 area, followed by the May 10 swing high at $25.91, ahead of the year-to-date (YTD) high of $26.13.
For a bearish turnaround, sellers need a daily close below $25.00, before they push prices toward the November 29 low of $24.85, ahead of the November 28 low of $24.54.
XAG/USD Price Analysis – Daily Chart
XAG/USD Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
