Silver Price Analysis: XAG/USD reached a new two-day high but fell short of $24.00

XAG/USD stays firm and climbs as the US Dollar remains offered across the board.
Silver Price Analysis: Range-bound but could turn bullish above $24.50; otherwise, it could re-test the 50-DMA.

Christian Borjon Valencia FXStreet

Silver price extended its gains for the second consecutive day, cleared Thursday’s daily high of $23.93, and held its ground above the 20-day Exponential Moving Average (EMA), reaching a new two-day high at $24.07. Nevertheless, as the North American session progressed, the XAG/USD retraced below $24.00 and is trading at $23.93.

Silver Price Analysis: XAG/USD Technical Outlook

XAG/USD daily chart suggests the white metal is peaking at around the $24.50 area, despite breaching the 20-day EMA on Thursday. After testing the YTD high of $24.54 twice during the month, XAG/USD dropped to its 2023 low of $23.12 and, since then, has not been able to crack the $24.00 figure decisively. Further, the Relative Strength Index (RSI) resumed its upward trajectory, but the Rate of Change (RoC) suggests that buyers are gathering some momentum.

Given the above scenario, if XAG/USD clears $24.50, that would keep buyers in charge, and it would open the door to test the $25.00 psychological level. A break above will expose the April 18 daily high at $26.21.

As an alternate scenario, the XAG/USD first support would be the 20-day Exponential Moving Average (EMA) at 23.69. A breach of the latter would send Silver sliding toward the January 19 pivot low of $23.17, ahead of the $23.00 figure, which sits slightly above the 50-day EMA at $22.91.

Silver Key Technical Levels

XAG/USD

Overview
Today last price	23.94
Today Daily Change	0.08
Today Daily Change %	0.34
Today daily open	23.86

Trends
Daily SMA20	23.79
Daily SMA50	22.93
Daily SMA100	21.17
Daily SMA200	21.05

Levels
Previous Daily High	23.94
Previous Daily Low	23.17
Previous Weekly High	24.3
Previous Weekly Low	23.22
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	23.65
Daily Fibonacci 61.8%	23.46
Daily Pivot Point S1	23.37
Daily Pivot Point S2	22.89
Daily Pivot Point S3	22.6
Daily Pivot Point R1	24.15
Daily Pivot Point R2	24.43
Daily Pivot Point R3	24.92

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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