Silver Price Analysis: XAG/USD surges amidst high US bond yields, strong USD

Silver is still bullish but could test a four-month-old resistance-turned-support trendline nearby $24.20-40.
XAG/USD Price Analysis: It’s upward biased, though downside risks remain below $25.00.

Silver price erased its earlier losses that dragged the white metal towards testing February 2 highs at $24.63 per ounce and rallied back above the $25.00 psychological figure. Although the US Dollar (USD) remained underpinned by high US Treasury bond yields, the XAG/USD is trading at $25.25, about to finish Wednesday’s session with gains of 0.28%.

XAG/USD Price Action

Since hitting YTD high at 26.08, the XAG/USD dropped sharply due to the overbought Relative Strength Index (RSI). Therefore, traders moved quickly to book profits, weakening Silver, which tumbled more than 5%. However, as oscillators turned neutral, the XAG/USD bottomed around $24.61, some 20-pips above the 20-day EMA.

For a bullish continuation, the XAG/USD must crack Wednesday’s high at $25.36. Once cleared, the XAG/USD next stop will be the April 17 daily high at $25.60 before posing a threat to $26.00, ahead of the YTD high at $26.08.

Conversely, the XAG/USD first support would be the psychological $25.00 level. A breakout to the downside will expose the 20-day EMA At $24.46, followed by a previously broken resistance-turned-support level at $24.20, as sellers brace towards $24,00. Once cleared, sellers will eye a test of the 50-day EMA at $23.45.

XAG/USD Daily Chart

XAG/USD

Overview
Today last price	25.29
Today Daily Change	0.09
Today Daily Change %	0.36
Today daily open	25.2

Trends
Daily SMA20	24.26
Daily SMA50	22.57
Daily SMA100	23.01
Daily SMA200	21.32

Levels
Previous Daily High	25.32
Previous Daily Low	24.93
Previous Weekly High	26.09
Previous Weekly Low	24.72
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.17
Daily Fibonacci 61.8%	25.08
Daily Pivot Point S1	24.98
Daily Pivot Point S2	24.76
Daily Pivot Point S3	24.59
Daily Pivot Point R1	25.37
Daily Pivot Point R2	25.54
Daily Pivot Point R3	25.76

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