• 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

XAG/USD

Overview
Today last price 24.34
Today Daily Change 0.01
Today Daily Change % 0.04
Today daily open 24.33
 
Trends
Daily SMA20 23
Daily SMA50 22.94
Daily SMA100 23.28
Daily SMA200 23.29
 
Levels
Previous Daily High 24.5
Previous Daily Low 24.01
Previous Weekly High 23.27
Previous Weekly Low 22.28
Previous Monthly High 23.5
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 24.32
Daily Fibonacci 61.8% 24.2
Daily Pivot Point S1 24.06
Daily Pivot Point S2 23.79
Daily Pivot Point S3 23.57
Daily Pivot Point R1 24.55
Daily Pivot Point R2 24.78
Daily Pivot Point R3 25.05

 

 

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