Silver Price Analysis: XAG/USD outshines Gold, near YTD highs despite high US yields
15.03.2024, 20:50

Silver Price Analysis: XAG/USD outshines Gold, near YTD highs despite high US yields

  • Silver's bullish streak leads above $25.00, defying broader market trends with over 1.40% gains.
  • A new year-to-date high at $25.44 highlights XAG/USD’s resilience, with $26.00 now in sight as next resistance.
  • Should Silver retreat below $25.00, a move towards $24.50 and potentially $24.01 could unfold, testing buyer strength.

Silver's price shines on Friday and registers solid gains of more than 1.40%, shrugging off Gold’s two consecutive days of losses. It rises 1.52%, trading at $25.18 a troy ounce at the time of writing. XAG/USD advanced even though the Greenback remains strong, underpinned by high US Treasury bond yields.

XAG/USD Price Analysis: Technical outlook

During the session, Silver printed a new year-to-date (YTD) high of $25.44, but the advance toward $26.00 was capped by an upslope support trendline that turned resistance. That sent XAG/USD retreating toward the current price levels. Nevertheless, the Relative Strength Index (RSI) indicator is still bullish, indicating that bullish momentum remains in charge, and the $26.00 resistance level could be up for grabs.

On the other hand, if XAG/USD falls below $25.00, sellers could launch an assault towards the $24.50 area, followed by the March 12 daily low of $24.01.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 25.19
Today Daily Change 0.36
Today Daily Change % 1.45
Today daily open 24.83
 
Trends
Daily SMA20 23.51
Daily SMA50 23.05
Daily SMA100 23.35
Daily SMA200 23.31
 
Levels
Previous Daily High 25.16
Previous Daily Low 24.74
Previous Weekly High 24.64
Previous Weekly Low 23.02
Previous Monthly High 23.5
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 24.9
Daily Fibonacci 61.8% 25
Daily Pivot Point S1 24.66
Daily Pivot Point S2 24.49
Daily Pivot Point S3 24.24
Daily Pivot Point R1 25.08
Daily Pivot Point R2 25.33
Daily Pivot Point R3 25.5

 

 

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