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- Silver Price Analysis: XAG/USD surges to the highest level August, around mid-$25.00s
Silver Price Analysis: XAG/USD surges to the highest level August, around mid-$25.00s
- Silver gained strong traction on Thursday and rallied to the highest level since November 2021.
- The momentum confirmed a fresh bullish breakout and supports prospects for additional gains.
- Overbought technical indicators warrant some caution before placing aggressive bullish bets.
Silver continued scaling higher through the first half of the European session and shot to the highest level since August 2021, closer to mid- $25.00s in the last hour.
The overnight sustained break through the $24.30-$24.35 confluence barrier, comprising of 200-day SMA and a descending trend-line extending from July 2021, was seen as a fresh trigger for bullish traders. The emergence of some dip-buying on Thursday near the said resistance breakpoint now turned support, reaffirmed the constructive set-up and lifted to the XAG/USD.
The momentum pushed the white metal beyond the previous YTD high, around the $24.70 area, and the top boundary of an upward sloping channel, stretching from the $22.00 mark or the monthly low. A subsequent move beyond the $25.00 psychological mark seems to have prompted aggressive technical buying and further contributed to the strong follow-through upward trajectory.
Technical indicators, however, are flashing extremely overbought conditions on the daily and hourly charts. This, in turn, makes it prudent to wait for some near-term consolidation or modest pullback before positioning for any further appreciating move. Nevertheless, the bias seems tilted firmly in favour of the XAG/USD bulls and supports prospects for further gains.
On the flip side, any meaningful decline might find decent support near the aforementioned ascending channel resistance breakpoint, currently around the $25.00 mark. A further downfall is more likely to attract fresh buying and remain limited near the $24.70 area. The next relevant support is pegged near the $24.45 region, which should act as a near-term base for the XAG/USD.
Silver daily chart
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Technical levels to watch
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