Silver Price Analysis: XAG/USD rallies amid risk-on mood, low US yields
|- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.