- XAG/USD remains strong and is moving higher as the US dollar continues to be offered across the board.
- Silver Price Analysis: Ranged, but could turn bullish above $24.50. Otherwise, you can retest the 50-DMA.
Silver prices rose for the second day in a row, breaking Thursday’s high of $23.93 and above the 20-day Exponential Moving Average (EMA) to reach a two-day high of $24.07. Nonetheless, as the North American session progressed, XAG/USD broke below $24.00 and is trading at $23.93.
Silver Price Analysis: XAG/USD Technical Outlook
The XAG/USD daily chart suggests that the white metal is peaking around $24.50 despite breaking the 20-day EMA on Thursday. After he tested his YTD high of $24.54 twice in the month, XAG/USD fell to his 2023 low of $23.12 and has failed to decisively break the $24.00 figure ever since. I could not do it. Additionally, the Relative Strength Index (RSI) has resumed its upward trajectory, while the rate of change (RoC) suggests that buyers are gaining momentum.
Given the above scenario, if the XAG/USD clears $24.50, it will open the door for buyers to take the lead and test the $25.00 psychological level. A breakout will see the April 18 high of $26.21.
As an alternative scenario, XAG/USD’s first support is at the 23.69 20-day Exponential Moving Average (EMA). A break of the latter will see silver slide towards his Jan. 19 pivot low of $23.17 and the 50-day EMA just above $22.91 and above $23.00.
