- 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
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.fxstreet.com/news/silver-price-analysis-xag-usd-holds-near-ytd-high-around-2450-202403081714
- 00
- 100
- 27
- 31
- 50
- 6
- 7
- a
- above
- Action
- After
- ahead
- American
- analysis
- and
- ARE
- around
- At
- average
- below
- breach
- but
- buyers
- by
- Close
- closer
- confluence
- could
- daily
- day
- dive
- dma
- down
- during
- dynamics
- Earlier
- Falls
- Flip
- followed
- For
- further
- Gains
- High
- holds
- However
- HTTPS
- if
- inches
- Increase
- IT
- ITS
- keeping
- latter
- Level
- loom
- Low
- lower
- March
- marking
- moving
- moving average
- Near
- New
- of
- plato
- Plato Data Intelligence
- PlatoData
- Post
- potential
- price
- PRICE ACTION
- Price Analysis
- Prices
- Push
- rallies
- reached
- remains
- Resistance
- risks
- s
- Sellers
- session
- side
- Silver
- Silver Price
- sponsor
- suggest
- Supports
- surpasses
- targeting
- Technical
- that
- The
- they
- to
- trades
- which
- will
- zephyrnet