Silver Price Analysis: XAG/USD surges back above $25.00 on US Treasury yields fall


  • XAG/USD bounced off the weekly lows below the 20-day EMA and reclaimed $25.00.
  • A sour sentiment, and falling US T-bond yields, triggered flows to XAG.
  • XAG/USD would remain upwards above $25.50; otherwise, sellers can drag prices to the 20-day EMA.

Silver price advanced late in the North American session, gaining more than 1%, as US Treasury bond yields dropped. Consequently, a softer US Dollar (USD) increased flows toward the white metal amidst a risk-off impulse. The XAG/USD is trading at $25.28 after hitting a low of $24.58.

XAG/USD Price Analysis

The XAG/USD daily chart shows the white metal edged toward its May high at $25.90 on Monday before reversing its course and closing below the $25.00 figure, a tick above the 20-day Exponential Moving Average (EMA). Even though the Silver price was headed to continue to fall, it jumped off the daily low of $24.58, $0.30 below the 20-day EMA, and climbed to the bottom of an upslope support trendline drawn from March 2023 lows.

If XAG/USD buyers reclaim $25.50, that could pave the way to May’s high before challenging the YTD high at $26.08.

Conversely, if sellers stepped in around resistance at $25.50, it could exacerbate a test of the $25.00 mark before dropping to the 20-day EMA. Once cleared, the next support in play would be the February 2 high at $24.63.

XAG/USD Daily Chart

XAG/USD Daily Chart

XAG/USD

Overview
Today last price 25.31
Today Daily Change 0.31
Today Daily Change % 1.24
Today daily open 25
 
Trends
Daily SMA20 25.08
Daily SMA50 23.14
Daily SMA100 23.24
Daily SMA200 21.6
 
Levels
Previous Daily High 25.92
Previous Daily Low 24.88
Previous Weekly High 25.36
Previous Weekly Low 24.49
Previous Monthly High 26.09
Previous Monthly Low 23.57
Daily Fibonacci 38.2% 25.28
Daily Fibonacci 61.8% 25.52
Daily Pivot Point S1 24.62
Daily Pivot Point S2 24.24
Daily Pivot Point S3 23.59
Daily Pivot Point R1 25.65
Daily Pivot Point R2 26.3
Daily Pivot Point R3 26.68

 

 

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