Silver Price Analysis: XAG/USD edges high amidst risk-off impulse, shy of $24.50
|- 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
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