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.

Christian Borjon Valencia FXStreet

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

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

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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