Silver Price Analysis: XAG/USD consolidates around $25.30-35 area, bullish potential intact


  • Silver lacks any firm directional bias and oscillates in a range above the $25.00 mark.
  • The technical setup favours bullish traders and supports prospects for further gains.
  • Dips towards $24.65 confluence support might still be seen as a buying opportunity.

Silver attracts some dip-buying in the vicinity of the $25.00 psychological mark and touches a three-day high on Thursday, albeit the intraday uptick lacks bullish conviction. The white metal seesaws between tepid gains/minor losses through the early North American session and is currently placed around the $25.30 region, nearly unchanged for the day.

From a technical perspective, the recent pullback from over a one-year high - levels just above the $26.00 round figure touched last week - stalled on Wednesday near the 23.6% Fibonacci retracement level of the March-April rally. The said support, around the $24.65 region, now coincides with the upward sloping 100-period Simple Moving Average (SMA) on the 4-hour chart and should act as a pivotal point.

Meanwhile, oscillators on the daily chart are holding comfortably in the bullish territory and have just started gaining positive traction on the 4-hour chart. This, in turn, favours bullish traders and supports prospects for the resumption of the recent rally witnessed over the past month or so. Hence, some follow-through strength towards the $25.80 hurdle, en route to the $26.00 mark, looks like a distinct possibility.

On the flip side, weakness below the $25.00 mark might continue to find decent support near the $24.65 confluence. This is closely followed by the $24.40-$24.30 strong horizontal resistance breakpoint, now turned support, which if broken decisively could drag the XAG/USD towards the $24.00 mark. The downward trajectory could get extended further towards the 38.2% Fibo. level, around the $23.75 area.

Silver 4-hour chart

fxsoriginal

Key levels to watch

XAG/USD

Overview
Today last price 25.34
Today Daily Change 0.05
Today Daily Change % 0.20
Today daily open 25.29
 
Trends
Daily SMA20 24.41
Daily SMA50 22.63
Daily SMA100 23.05
Daily SMA200 21.35
 
Levels
Previous Daily High 25.37
Previous Daily Low 24.64
Previous Weekly High 26.09
Previous Weekly Low 24.72
Previous Monthly High 24.16
Previous Monthly Low 19.9
Daily Fibonacci 38.2% 25.09
Daily Fibonacci 61.8% 24.92
Daily Pivot Point S1 24.83
Daily Pivot Point S2 24.38
Daily Pivot Point S3 24.11
Daily Pivot Point R1 25.56
Daily Pivot Point R2 25.83
Daily Pivot Point R3 26.29

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD struggles to hold above 1.0400 as mood sours

EUR/USD struggles to hold above 1.0400 as mood sours

EUR/USD stays on the back foot and trades near 1.0400 following the earlier recovery attempt. In the absence of high-tier data releases, the cautious risk mood helps the US Dollar hold its ground and forces the pair to stretch lower. 

EUR/USD News
GBP/USD declines below 1.2550 on renewed USD strength

GBP/USD declines below 1.2550 on renewed USD strength

GBP/USD loses its traction and trades below 1.2550 in the second half of the day on Monday. The US Dollar (USD) benefits from safe-haven flows and weighs on the pair as trading conditions remain thin heading into the Christmas holiday.

GBP/USD News
Gold drops to $2,620 area as US bond yields edge higher

Gold drops to $2,620 area as US bond yields edge higher

Gold struggles to build on Friday's gains and trades modestly lower on the day near $2,620. The benchmark 10-year US Treasury bond yield edges slightly higher above 4.5%, making it difficult for XAU/USD to gather bullish momentum.

Gold News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin hovers around $95,000 on Monday after losing the progress made during Friday’s relief rally. The largest cryptocurrency hit a new all-time high at $108,353 on Tuesday but this was followed by a steep correction after the US Fed signaled fewer interest-rate cuts than previously anticipated for 2025. 

Read more
Bank of England stays on hold, but a dovish front is building

Bank of England stays on hold, but a dovish front is building

Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures