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

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.

Joshua Gibson FXStreet

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

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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