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.

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

XAGUSD

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

 

 

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