Silver Price Analysis: XAG/USD surged back above $23.70 as bulls target $24.00

Silver soared more than 4%, after bouncing off the daily lows of $22.51.
Fed’s decision to ease monetary policy in 2024, weakened the Greenback.

Christian Borjon Valencia FXStreet

Silver price stages a comeback after sliding for seven straight days as the Federal Reserve pivots toward easing monetary policy, a tailwind for the grey metal, set to make a U-turn in the week. At the time of writing, the XAG/USD is trading at $23.79 after rallying more than 4% on Wednesday.

XAG/USD has shifted neutral to upward bias after reclaiming the 50, 100, and 200-day moving averages (DMAs), on its way toward the current price. A breach of the $24.00 figure could pave the way to test the August 30 swing high at $25.00, before launching an assault toward the May 10 swing high at $25.91.

On the other hand, if Silver sellers drag prices below the 200-DMA at around $23.55, the non-yielding metal could dive towards the 50-DMA at $23.24, before slumping toward the 100-DMA at $23.19.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.81
Today Daily Change	1.05
Today Daily Change %	4.61
Today daily open	22.76

Trends
Daily SMA20	24.01
Daily SMA50	23.14
Daily SMA100	23.22
Daily SMA200	23.51

Levels
Previous Daily High	23.16
Previous Daily Low	22.69
Previous Weekly High	25.92
Previous Weekly Low	22.94
Previous Monthly High	25.27
Previous Monthly Low	21.88
Daily Fibonacci 38.2%	22.87
Daily Fibonacci 61.8%	22.98
Daily Pivot Point S1	22.58
Daily Pivot Point S2	22.4
Daily Pivot Point S3	22.12
Daily Pivot Point R1	23.05
Daily Pivot Point R2	23.33
Daily Pivot Point R3	23.51

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.

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.