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- 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
