Quotes and rates for precious metals Silver vs US Dollar (XAGUSD)

• 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

• Silver regains some positive traction on Friday and climbs to a fresh YTD top.
• The technical setup favours bulls and supports prospects for additional gains.
• Dips below the $24.50 resistance-turned-support are likely to get bought into.

Silver (XAG/USD) attracts fresh buyers following the previous day's modest slide and sticks to its gains near the YTD peak, above the $25.00 psychological mark through the early part of the European session on Friday.

From a technical perspective, the recent breakout through the very important 200-day Simple Moving (SMA) and a subsequent strength beyond the $24.50-$24.60 horizontal barrier was seen as a fresh trigger for bullish traders. This, in turn, suggests that the path of least resistance for the XAG/USD is to the upside. That said, the Relative Strength Index (RSI) on the daily chart is on the verge of breaking into overbought territory and warrants some caution.

Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before positioning for the next leg of a move-up. Nevertheless, the XAG/USD seems poised to climb further beyond an intermediate hurdle near the mid-$25.00s, towards challenging the December 2023 swing high – levels just ahead of the $26.00 round figure. Some follow-through buying should pave the way for an extension of over a two-week-old bullish trend.

On the flip side, the $24.80-$24.75 region now seems to protect the immediate downside ahead of the $24.50 horizontal resistance breakpoint. Any subsequent decline is likely to attract fresh buyers and remain limited near the $24.15-$24.10 region. Some follow-through selling below the $24.00 mark, however, might shift the bias in favour of bearish traders and drag the XAG/USD back towards the 200-day SMA support, currently pegged near the $23.35-$23.30 region.

Silver daily chart

• Silver retreats to $24.80, pressured by climbing US Treasury yields and a stronger Dollar.
• Technical outlook remains positive, with potential resistance points set at $25.50 and $25.91.
• Support levels to watch include $24.07 and $24.00, with significant moving averages providing additional benchmarks.

Silver’s price retreated below $25.00 per troy ounce as US Treasury yields climbed following US data that induced investors to trim Fed rate cut bets. Consequently, the US Dollar rallied, and the XAG/USD exchanged hands at $24.80, down 0.79%.

XAG/USD Price Analysis: Technical outlook

Silver remains upward biased despite retreating below the $25.00 figure. Although it achieved a daily close around $24.80, the grey metal remains poised for gains that could drive prices toward the $25.50 area and beyond. The next stop would be the December 4 high at $25.91, and up next would be the $26.00 mark.

On the other hand, if sellers stepped in and drove XAG/USD prices below $24.50, the first key support level is seen at $24.07, the March 13 daily low. Once surpassed, the next stop would be $24.00, followed by the confluence of the 100 and 200-day moving averages (DMAs) at $23.29/30.

XAG/USD Price Action – Daily Chart

• Silver price drops to $24.90 as investors turn anxious ahead of US data.
• The Core PPI data is forecasted to have softened on both a monthly and an annual basis.
• Market expectations for Fed rate cuts in June have increased to 69%.

Silver price (XAG/USD) falls to $24.90 in Thursday’s European session after reaching a three-month high at $25.16. The white metal drops amid anxiety ahead of the United States Producer Price Index (PPI) and Retail Sales data for February, which will provide fresh cues about the inflation outlook.

The annual core PPI data, which strips off volatile food and energy prices, is forecasted to have softened to 1.9% from 2.0% in January. The monthly underlying inflation data is projected to have grown at a slower pace of 0.2% against the prior reading of 0.5%. Slower growth in prices of goods and services by producers at factory gates would soften the inflation outlook.

Meanwhile, monthly Retail Sales are expected to have grown by 0.8%, the same pace at which they contracted in January. In the same period, economists expect that Retail Sales excluding automobiles have grown by 0.6% against a decline of 0.5%. Upbeat Retail sales data indicate an increase in households’ spending, which fuels inflationary pressures.

The Silver price witnessed significant buying interest on Wednesday as market expectations for the Federal Reserve (Fed) reducing interest rates in the June meeting have improved again despite stubborn inflation data for February. The CME Fedwatch tool shows that the chances of the Fed reducing interest rates have increased to 69%, which is close to pre-inflation data expectations.

Silver technical analysis

Silver price approaches a 10-month high of $25.90, which is the high of December 4. Near-term demand for the white metal is strong, as the 20-day Exponential Moving Average (EMA) around $23.80 is sloping north.

The 14-period Relative Strength Index (RSI) trades in the bullish range of 60.00-80.00, indicating a strong upside momentum.

Silver daily chart

• Silver's impressive rally brings it close to $25.00, marking significant gains in the North American session.
• Technical analysis highlights $25.00 as a pivotal resistance, with potential for further gains towards late 2023 highs.
• Failure at $25.00 could see silver retesting recent support levels, with the market closely watching $24.68 and $24.50.

Silver rallied sharply in the mid-North American session on Wednesday, climbing more than 3.40% amid high US Treasury bond yields, while the Greenback extended its losses by more than 0.20%. At the time of writing, XAG/USD trades at $24.95, around new year-to-date (YTD) highs.

XAG/USD Price Analysis: Technical outlook

During the session, Silver hit a low of $24.07 with no fundamental news, besides Fitch Rating’s updating its global growth forecast. That provided the grey metal with a leg up, shy of the $25.00 figure, which could have opened the door for further upside. Nevertheless, it stands as the first resistance level, followed by the July 20 high at $25.25. Further upside risks are seen at December’s 4 high of $25.91.

On the other hand, if sellers keep XAG/USD spot prices below $25.00, that could sponsor a leg-down toward the March 12 high of $24.68. A breach of the latter will expose $24.50, followed by the January 2 high turned support at $24.09.

XAG/USD Price Action – Daily Chart

• Silver's price dips 1.48% to $24.10 following a stronger-than-expected US inflation report.
• XAG/USD may fall further if it breaks $24.09 support.
• Recovery needs hold above $24.09; potential bounce between $24.00-$24.70.

Silver price plunged late in the North American session following a hot inflation report in the United States that sponsored a rise in US Treasury yields, a headwind for the non-yielding metal. Therefore, the XAG/USD dropped from around year-to-date (YTD) highs of $24.68 and trades at $24.10, down 1.48%.

XAG/USD Price Analysis: Technical outlook

On Tuesday, Silver’s pullback dragged prices toward the January 2 high and turned support at $24.09. If sellers retain control in the near term and push prices below the latter, that would expose the $24.00 figure. Once cleared, XAG/USD would extend its losses toward the January 12 high at $23.52.

On the other hand, if buyers keep Silver’s spot prices above $24.09, look for range-bound trading within the $24.00-$24.70 area. The next resistance would be the $25.00 figure, followed by last year’s high at $25.91.

XAG/USD Price Action – Daily Charts

• Silver price falls vertically to $24 as sticky US inflation allows the Fed to maintain a hawkish narrative.
• US monthly headline and core inflation rose by 0.4% in February.
• 10-year US bond yields rally to 4.15% as hopes that Fed rate cut expectations would ease.

Silver price (XAG/USD) plummets to $24.10 as the United States Bureau of Labor Statistics (BLS) has reported that the Consumer Price Index (CPI) remains hot in February.

Annual core CPI that strips off volatile food and energy prices grew at a higher pace of 3.8% against the consensus of 3.7% but lower than 3.9% in January. In the same period, headline inflation rose at a higher pace of 3.2% against expectations and the former reading of 3.1%. The monthly headline and core inflation grew by 0.4%.

A sticky inflation report is expected to dent market expectations for the Federal Reserve (Fed) reducing interest rates in the June policy meeting. This is expected to lift up the opportunity cost of holding non-yielding assets, such as Silver. Yields on assets to which interest coupons are attached, such as US Treasury bonds, are expected to increase. 10-year US Treasury yields jump to 4.15%.

Going forward, Fed policymakers may continue to maintain a hawkish narrative. The Fed wants inflation easing for months as evidence to get convinced that price stability will be achieved. The inflation data, released yet in 2024, the last leg of stubborn inflation is a hard nut to crack.

The US Dollar Index (DXY) recovered above 103.00 on expectations that the Fed will not discuss reducing interest rates in the first half of 2024.

Silver technical analysis

Silver price faces selling pressure after testing the horizontal resistance plotted from the December 22 high at $24.60. The overall trend is still bullish; however, a price correction move is expected before a fresh upside move. The advancing 20-day Exponential Moving Average (EMA) near $23.50 indicates that the near-term demand is upbeat.

The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, indicating that bullish momentum is active.

Silver daily chart

• Silver price consolidates around $24.50 ahead of US Inflation data.
• The US core CPI is expected to decelerate while the headline inflation might remain sticky.
• Silver price needs a fresh trigger for a decisive break above $24.60.

Silver (XAG/USD) traded in a narrow range around $24.50 in Tuesday’s European session. The white metal has struggled to find a direction since Friday’s trading session. The asset is expected to break out of its sideways trend after the release of the United States Consumer Price Index (CPI) data for February, which will be published at 13:30 GMT.

The monthly headline inflation is forecasted to have risen by 0.4% from 0.3% in January. In the same period, the core inflation that strips off volatile food and energy prices is anticipated to have grown at a slower pace of 0.3% against the prior reading of 0.4%. For annual figures, economists expect that the headline CPI remains sticky at 3.1% and the core inflation decelerates to 3.7% from 3.9% in January.

The market expectations for the Federal Reserve (Fed) rate cuts in the June policy meeting will be significantly influenced after the release of the inflation data.

Ahead of the US consumer price inflation data, market sentiment is quite bullish. S&P 500 futures have posted significant gains in the London session, portraying the higher risk appetite of the market participants. 10-year US Treasury yields have dropped to 4.10%. The US Dollar Index (DXY) trades inside Monday’s trading range around 102.80.

Silver technical analysis

Silver price turn sideways after testing the horizontal resistance plotted from December 22 high at $24.60. The overall trend is bullish, however, a time correction move is expected before a fresh upside move. Advancing 20-day Exponential Moving Average (EMA) near $23.50 indicates that the near-term demand is upbeat.

The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, indicating that a bullish momentum is already triggered.

Silver daily chart

• Silver notches a 0.60% increase, trading at $24.46, buoyed by a cautious market sentiment.
• Technical analysis hints at potential for breaking the $24.50 barrier, targeting year-highs.
• Downside risks loom if silver dips below $24.18, with critical supports at $24.00 and $23.57 in focus.

Silver climbs modestly as the New York session ends, registering gains of 0.60%, as XAG/USD trades at $24.46 after bottoming at around $24.24. A risk-off impulse pushed the grey’s metal price upwards amidst high US Treasury bond yields. Nevertheless, it remains below last week’s high of $24.50.

XAG/USD Price Analysis: Technical outlook

After hitting  a low in the $24.20s range, Silver’s jumped toward the $24.40 area, though shy of cracking the $24.50 psychological figure. Even though Relative Strength Index (RSI) studies suggest further upside, buyers must break that area. Once cleared, up next would be the current year-to-date (YTD) high of $24.63, followed by the August 30 peak at $25.00. A decisive break would expose the December 4 high at $25.91.

In another scenario, if sellers stepped in and dragged XAG/USD’s prices below the March 8 low of $24.18, downside risks emerged at $24.00. The next support would be the March 6 low of $23.57.

XAG/USD Price Action – Daily Chart

• Silver inches closer to retesting its year-to-date high of $24.63, after marking a 0.86% increase.
• Technical dynamics suggest potential for further gains if silver surpasses the $24.50 resistance.
• Downside risks loom if silver falls below $24.31, targeting supports at $24.00 and the March 6 low of $23.57.

Silver's price rallies, but it remains below the new year-to-date (YTD) high of $24.63. It reached earlier, post gains of 0.86%, and trades at around $24.50 during the mid-North American session.

XAG/USD Price Analysis: Technical outlook

Silver retreated during the day, below the March 7 daily close of $24.31, which could sponsor a leg down if sellers push the prices lower. However, buyers are keeping Silver’s price above the latter, and if they reclaim the $24.50 level, that could push XAG/USD to re-test $24.63, ahead of $25.00.

On the flip side, if sellers drag Silver’s prices below $24.31, XAG/USD could dive to $24.00. A breach of the latter will expose the March 6 low of $23.57, followed by the confluence of the 100 and 200-day moving average (DMA) at $23.27.

XAG/USD Price Action – Daily Chart

• Silver's nearly 1% gain drives it to around $24.40, as market bets on a June Federal Reserve rate cut.
• Technical indicators bullish as silver surpasses 50, 100, and 200-day DMAs, eyeing December highs.
• Despite bullish trend, potential pullback risks exist if silver dips below $24.50, with supports at $24.00 and $23.57.

Silver price advances during Thursday’s session, gains almost 1% and stays above the $24.00 figure as investors expect a rate cut by the Federal Reserve in June. Therefore, XAG/USD exchanges hands at $24.40.

XAG/USD Price Analysis: Technical outlook

After bottoming at around $22.50, the grey metal extended its gains due to fundamental news. That opened the door to clear key resistance levels seen at the 50, 100, and 200-day moving averages (DMAs). If buyers push prices above the December 28 high of $24.48, look for a leg-up toward the December 22 peak at $24.60, ahead of the $25.00 psychological figure.

On a bearish scenario, the less likely as Relative Strength Index (RSI) studies show bullish momentum, XAG/USD’s daily close below $24.50, could sponsor a pullback. The first support would be the $24.00, followed by the March 6 low of $23.57,

XAG/USD Price Action – Daily Chart

• Silver reverses an intraday dip and moves back closer to the YTD peak on Tuesday.
• The technical setup favours bullish traders and supports prospects for further gains.
• Sustained weakness back below the $23.00 mark will negate the positive outlook.

Silver (XAG/USD) attracts some dip-buying near the $23.65-$23.60 region on Tuesday and flirts with the YTD peak during the first half of the European session. The white metal currently trades just below the $24.00 mark and looks to build on the previous day's breakout momentum through the $23.30-$23.35 confluence hurdle.

The latter comprises the 100- and the 200-day Simple Moving Averages (SMA), which should now act as a key pivotal point for the XAG/USD. Any meaningful corrective slide is more likely to get bought into near the said resistance-turned-support and remain limited near the $23.00 round figure. That said, some follow-through selling will suggest that a one-week-old strong rally has run out of steam and pave the way for deeper losses.

The XAG/USD might then accelerate the slide towards the $22.50-$22.45 intermediate support before eventually dropping to sub-$22.00 levels or the two-month trough touched in January and retested in February. The downward trajectory could extend further and drag the white metal further towards the next relevant support near the $21.40-$21.35 region. That said, positive oscillators on the daily chart warrant caution for bearish traders.

On the flip side, momentum beyond the $24.00 mark is likely to confront some resistance near the $24.30-$24.35 region ahead of the $24.50 supply zone. A sustained strength beyond should allow the XAG/USD to reclaim the $25.00 psychological mark and climb further towards the $25.45-$25.50 intermediate hurdle en route to the $26.00 neighbourhood, or the December 2023 swing high.

Silver daily chart

• Silver comes under fresh selling pressure and reverses a part of the overnight gains.
• The technical setup favours bearish traders and supports prospects for further losses.
• A sustained move beyond the $22.20-$22.25 confluence will negate the negative bias.

Silver (XAG/USD) meets with some supply following an intraday uptick to the $22.80 region on Friday and erodes a part of the previous day's positive move to a multi-day peak. The intraday descent extends through the early part of the European session and drags the white metal to a fresh daily low, back closer to the mid-$22.00s in the last hour.

Looking at the broader picture, the recent failure to find acceptance above the very important 200-day Simple Moving Average (SMA) and a subsequent downfall favours bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the XAG/USD is to the downside.

Hence, some follow-through descent back towards testing the weekly low, around the $22.30-$22.25 area, en route to the sub-$22.00 level, or the two-month trough touched in January, looks like a distinct possibility. The downward trajectory could extend further and eventually drag the XAG/USD to the next relevant support near the $21.40-$21.35 region.

On the flip side, the daily swing high, around the $22.75-$22.80 zone, might continue to act as an immediate hurdle ahead of the $23.00 round figure. A sustained strength beyond the latter might trigger a short-covering rally, though is likely to attract fresh sellers and remain capped near the $23.20-$22.25 confluence, comprising the 100- and the 200-day SMAs.

This is followed by the monthly swing high, around mid-$23.00s, which if cleared decisively will negate any near-term negative outlook and shift the bias in favour of bullish traders. The XAG/USD might then aim to reclaim the $24.00 round figure and climb further towards the $24.30-$24.35 intermediate hurdle en route to the $24.50 supply zone.

Silver daily chart

• Silver loses ground for the third straight day and drops to over a two-week low.
• The technical setup favours bears and supports prospects for additional losses.
• A sustained move above the 200-day SMA is needed to negate the negative bias.

Silver (XAG/USD) remains under heavy selling pressure for the third successive day on Wednesday – also marking the fifth day of a negative move in the previous six and drops to over a two-week low during the first half of the European session. The white metal currently trades around the $22.30 region and seems vulnerable to prolonging its recent downfall witnessed over the past two weeks or so.

From a technical perspective, the recent failure to find acceptance above the very important and significant 200-day Simple Moving Average (SMA) and the subsequent decline validate the near-term negative outlook. Moreover, oscillators on the daily chart have just started gaining negative traction and further suggest that the path of least resistance for the XAG/USD remains to the downside.

Hence, some follow-through weakness towards retesting sub-$22.00 levels, or the two-month low touched in January, looks like a distinct possibility. A convincing break below the latter will be seen as a fresh trigger for bearish traders and pave the way for additional losses, dragging the XAG/USD towards the $21.40-$21.35 support zone.

On the flip side, the daily swing high, around the mid-$22.00s, now seems to act as an immediate hurdle ahead of the $22.70-$22.75 region. This is closely followed by the $23.00 round figure, which if cleared decisively might trigger a short-covering rally, though is likely to attract fresh sellers near the 200-day SMA, currently pegged around the $23.30 zone, and remain capped near mid-$23.00, or the monthly peak.

Silver daily chart

• Silver price drops to $22.43, approaching key technical support that may indicate a nearing bottom.
• Technical analysis points to a potential decline toward yearly lows if prices fall decisively below $22, showcasing bearish trends.
• A rebound above $23.00 might steer silver towards challenging the $23.30 resistance level, giving bulls an opportunity for recovery.

Silver price falls to an eight-day low of $22.43, though it appears to have bottomed out at around the $22.40-50 area. The advance of US Treasury bond yields capped the nonyielding metal, with XAG/USD trading at $22.49, down 0.04%.

XAG/USD Price Analysis: Technical outlook

The daily chart portrays that XAG/USD has extended its losses to levels last seen at around mid-February after briefly testing the confluence of the 50, 100, and 200-day moving averages (DMAs) at around the $23.00-$23.30 area. Even though Silver’s price action remains sideways, it’s tilted to the downside, but sellers must step in and drag prices below the $22.00 figure. Once achieved, that would open the door to test the yearly lows of $21.93, the November 13 low of $21.88, and the October 3 low of $20.69.

On the other hand, if XAG/USD buyers lift the spot price above $23.00, look for a re-test of the $23.30 area.

XAG/USD Price Action – Daily Chart

• Silver price rises sharply to $22.70 amid weakness in the US Dollar.
• Easing geopolitical tensions have impacted safe-haven appeal.
• Sticky US core PCE price index data may postpone Fed’s plans of quitting hawkish stance.

Silver price (XAG/USD) recovers sharply to near $22.70 as the US Dollar comes under pressure in the London session on Tuesday. The white metal rises as the US Dollar faces a sell-off due to easing geopolitical tensions.

US President Joe Biden is confident of a ceasefire between Israel and Palestine by next week. The US State Department said there has been progress in negotiations for releasing Israeli hostages.

The US Dollar Index, which represents the Greenback’s value against six rival currencies, extends its correction to 103.70.

This week, investors will focus on the United States' core Personal Consumption Expenditure price index (PCE) data for January, which will provide more insights into the timing of the Federal Reserve’s (Fed) rate cuts. Investors anticipate that monthly core PCE rose sharply by 0.4% from 0.2% in December. The annual core PCE data is anticipated to decelerate to 2.8% from the former reading of 2.9%.

The expectations for a rate cut by the Fed will be postponed if the underlying inflation turns out hotter than expectations.

On Monday, Kansas City Federal Reserve Bank President Jeffrey Schmid said inflation remaining above 2%, tight labor market conditions, and a decent demand outlook indicate that there is no need to rush for rate cuts.

Silver technical analysis

Silver price finds a temporary cushion near the 61.8% Fibonacci retracement (plotted from February 14 low at $21.93 to February 16 high at $23.50) at $22.53 on an hourly scale. The white metal climbs above the 20-period Exponential Moving Average (EMA), which trades around $22.58.

The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, indicating consolidation ahead.

Silver hourly chart

• Silver price dives over 2%, as investors react to higher US Treasury bond yields.
• Failure to hold above the 50-day DMA and $23.00 level triggers extended sell-off towards $21.88 support.
• Potential rebound hinges on reclaiming $22.57, with silver possibly oscillating within a tight range near current levels.
• Read more: Gold price falls as US Treasury yields climb amid weak US Dollar

Silver prices plummeted to a seven-day low during the mid-North American session on Monday, as US Treasury bond yields climbed while traders braced for the release of US inflation figures late in the week. At the time of writing, the XAG/USD exchanges hands at $22.47, down more than 2.05%.

The XAG/USD downtrend has extended as buyers failed to reclaim the 50-day moving average (DMA), which opened the door for a pullback below the psychological $23.00 figure. The downtrend resumed once Silver fell below the February 23 low of $22.57. Yet, a daily close below the latter would cement the bearish bias and open the door for a deeper correction toward the November 13 swing low of $21.88, before extending its losses to the $21.00 figure.

On the other hand, if buyers step in, and XAG/USD posts a daily close above $22.57, look for the grey metal to remain range-bound at around the $22.50-$23.00 area, capped by the DMAs, at around the $23.05-$23.26 range.

XAG/USD Price Analysis – Daily Chart

• Silver struggles to capitalize on Friday’s goodish bounce from the vicinity of the mid-$22.00s.
• Neutral oscillators on the daily chart warrant some caution before placing directional bets.
• A sustained strength beyond the 200-day SMA will shift the bias in favour of bullish traders.

Silver (XAG/USD) meets with a fresh supply on the first day of a new week and erodes a major part of Friday's recovery gains from over a one-week low. The white metal maintains its offered tone around the $22.85-$22.80 zone through the first half of the European session and seems vulnerable to prolonging its recent downfall witnessed over the past week or so.

From a technical perspective, the recent failure to find acceptance above the very important and significant 200-day Simple Moving Average (SMA) and the subsequent decline validates the near-term negative outlook for the XAG/USD. That said, oscillators on the daily chart are yet to confirm a bearish bias, making it prudent to wait for some follow-through selling before positioning for any further near-term depreciating move.

In the meantime, Friday's swing low, around mid-$22.00s, might continue to protect the immediate downside ahead of the $22.30 horizontal support. The next relevant support is pegged near the $21.90-$21.85 zone, or the two-month low touched in January. A convincing break below the latter will be seen as a fresh trigger for bearish traders and has the potential to drag the XAG/USD towards testing the $21.40-$21.35 support area.

On the flip side, the $23.00 round figure now seems to have emerged as an immediate hurdle, which if cleared might trigger a short-covering rally and lift the XAG/USD to the 200-day SMA, currently near the $23.30 zone. This is followed by the monthly peak, around mid-$23.00. A sustained strength beyond the latter will negate the negative outlook and allow the XAG/USD to aim back to reclaim the $24.00 round figure.

The momentum could extend further towards the $24.50-$24.60 region, above which the white metal could target the $25.00 psychological mark.

Silver daily chart

• Silver jumps to $22.93, buoyed by gains on Wall Street and a decline in US Treasury yields.
• Technical analysis suggests a push above $23.00 needed to shift from bearish to neutral outlook.
• Key resistance ahead at 50-day, 100-day, and 200-day SMAs, with potential targets extending to $24.00.

Silver prices advanced in the mid-North American session on Friday amid an upbeat market mood as depicted by Wall Street’s posting gains. That and a drop in US Treasury yields sponsored a leg-up in the grey metal. At the time of writing, the XAG/USD exchanges hands at $22.93, up by 0.86%.

From a technical standpoint, the XAG/USD remains downward biased despite pushing through the $22.90 figure, but it remains shy of shifting neutral. If buyers would like to regain control, they must break stir resistance levels above $23.00. The first level would be the 50-day SMA at $23.08, followed by the 100-day SMA at $23.18. Once those two levels are taken out, the 200-day SMA would appear at $23.27 before rallying toward the next supply level at $24.00.

On the flip side, sellers need to keep XAG/USD’s spot price below $23.00 if they would like to remain in charge. In that event, they could drag Silver toward the February 23 low of $22.57, followed by the February 14 cycle low of $21.94.

XAG/USD Price Action – Daily Chart