- 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.
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.
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