Silver sees late jump on Friday, touches 12-week high at $24.30


Share:
  • Spot Silver is surging late on Friday, tests 12-week high.
  • XAG/USD pings $24.30 as Silver rebounds, following broad-market risk sentiment higher.
  • Metals are pushing higher with the NY market set for an early close.

XAG/USD tapped $24.30 in the back half of Friday's trading, testing Silver's highest bids in almost 12 weeks. Market sentiment is testing higher heading into the trading week's close, and markets are set to see an early drop in trading volumes.

Wall Street will be going dark a little bit early today, with US markets slated to shut down at 13:00 EST.

Volumes and overall price momentum, already thin on Fridays, is expected to dry up a little bit earlier than usual this week.

Silver is getting bid out of a recent near-term consolidation range, and has gained almost 18% despite seeing an overall downtrend in 2023.

Friday's late bump in the XAG/USD sees Spot Silver trading into overall positive territory for the year since declining from September's peak at $25.00.

XAG/USD Technical Outlook

Friday's surge back over $24.20 sees XAG/USD making a break of a descending trendline from May's peaks above $26.00, and Silver is making a break away from the 200-day Simple Moving Average (SMA) near $23.25.

The 50-day SMA is rotating into a bullish stance from $22.75, and a bullish crossover of the longer moving average could see technical support firm up for a longer-term move higher in the bids.

Should bearish price momentum return to the fold, a downside break of $23.50 will harden the descending trendline and set up Silver bears for a fresh run at the last swing low into the $22.00 handle.

XAG/USD Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price 24.26
Today Daily Change 0.59
Today Daily Change % 2.49
Today daily open 23.67
 
Trends
Daily SMA20 23.1
Daily SMA50 22.75
Daily SMA100 23.24
Daily SMA200 23.32
 
Levels
Previous Daily High 23.79
Previous Daily Low 23.6
Previous Weekly High 24.15
Previous Weekly Low 21.88
Previous Monthly High 23.7
Previous Monthly Low 20.68
Daily Fibonacci 38.2% 23.72
Daily Fibonacci 61.8% 23.67
Daily Pivot Point S1 23.58
Daily Pivot Point S2 23.5
Daily Pivot Point S3 23.39
Daily Pivot Point R1 23.78
Daily Pivot Point R2 23.88
Daily Pivot Point R3 23.97

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

AUD/USD aims higher amid upbeat mood, mixed US data

AUD/USD aims higher amid upbeat mood, mixed US data

The Aussie Dollar registers minuscule gains against the US Dollar as Friday’s Asia session begins. The pair remains capped on the upside despite hitting a new month high at 0.6595, as a key technical resistance level that acted like a magnet drove the exchange rate toward the 0.6550s area.

AUD/USD News

EUR/USD early Thursday rally stalls out and slumps back to 1.0800 region after EU & US PMIs mix

EUR/USD early Thursday rally stalls out and slumps back to 1.0800 region after EU & US PMIs mix

EUR/USD broke higher on Thursday, testing into its highest bids since the start of February before falling back into the 1.0800 region after European and US Purchasing Managers Index (PMI) figures softened or came in mixed on forecasts.

EUR/USD News

Gold slides on rising US yields as data portrays solid economy, delaying Fed rate cuts

Gold slides on rising US yields as data portrays solid economy, delaying Fed rate cuts

Gold price prints modest losses on Thursday after economic data from the United States portrays the US economy as solid based on strong employment figures. The XAU/USD trades within the $2,020-$2,024 area, down by 0.06%.

Gold News

Bitcoin price breakdown possible as European Central Bank says BTC fair value is still zero

Bitcoin price breakdown possible as European Central Bank says BTC fair value is still zero

Bitcoin price’s horizontal consolidation continues to extend, but the support level is wearing thin as the days go by. As the current state of uncertainty continues, it is imperative to remember that markets tend not to wait so long.

Read more

Big tech rises on a promising AI future

Big tech rises on a promising AI future

The S&P 500 surged to an all-time high on Thursday following Nvidia's much stronger-than-expected quarterly results, which buoyed the broader tech sector. Nvidia's stock soared more than 14.5% to reach an all-time high after the company reported a remarkable 265% year-over-year increase in total revenue.

Read more

Forex MAJORS

Cryptocurrencies

Signatures