Silver Price Analysis: XAG/USD strengthens after breaking above $26.00

Silver jumps to $26.29, the highest since Friday, after breaking $26.00.
During the American session, the recovery in metals lost strength.

Matías Salord FXStreet

Silver (XAG/USD) broke above $26.00 and climbed to $26.29, reaching the highest level since last Friday. The move higher took place amid a rally in metals and also boosted by technical factors. However, during the last hours, metals lost momentum and pulled back, trimming daily gains.

The US dollar rose modestly during the American session, erasing a small part of its daily gains against most currencies. The DXY rebounded at 91.50 and climbed to 91.70. At the same time, stocks turned to the downside in Wall Street, and US yields rose modestly. The 10-year yield still remains under 1.50%.

As of writing, XAG/USD is hovering around $26.10, up 1.25% for the day. The recovery lost momentum, but it could rise further if it manages to hold above $26.00, targeting the $26.50 area.

A decline back under $26.00 would weaken the short-term outlook, putting the price back in the $25.70/$26.00 range. A consolidation under $25.70 would increase the bearish pressure.

Silver 4-hour chart

XAG/USD

Overview
Today last price	26.14
Today Daily Change	0.38
Today Daily Change %	1.48
Today daily open	25.76

Trends
Daily SMA20	27.39
Daily SMA50	27.05
Daily SMA100	26.59
Daily SMA200	25.71

Levels
Previous Daily High	26.04
Previous Daily Low	25.69
Previous Weekly High	28.02
Previous Weekly Low	25.76
Previous Monthly High	28.75
Previous Monthly Low	25.81
Daily Fibonacci 38.2%	25.83
Daily Fibonacci 61.8%	25.91
Daily Pivot Point S1	25.62
Daily Pivot Point S2	25.48
Daily Pivot Point S3	25.27
Daily Pivot Point R1	25.97
Daily Pivot Point R2	26.18
Daily Pivot Point R3	26.32

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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