Home Forex XAG/USD recovers amid risk-on sentiment, low US yields

XAG/USD recovers amid risk-on sentiment, low US yields

by SuperiorInvest


  • Silver jumped to $22.93, boosted by gains on Wall Street and a drop in U.S. Treasury yields.
  • Technical analysis suggests pressure above $23.00 needed to shift from bearish to neutral outlook.
  • Key resistance ahead at the 50-day, 100-day and 200-day SMAs with potential targets as high as $24.00.

Silver prices rose midway through the North American session on Friday amid upbeat market sentiment portrayed by gains on Wall Street. That and a drop in US Treasury yields sponsored a rally in the gray metal. At the time of writing, XAG/USD is exchanging hands at $22.93, up 0.86%.

Technically, XAG/USD remains biased to the downside despite pushing $22.90, but remains shy of neutral. Buyers need to break the stir resistance level above $23.00 if they want to regain control. The first level would be the 50-day SMA at $23.08, followed by the 100-day SMA at $23.18. Once these two levels are broken out, the 200-day SMA would appear at $23.27 before recovering towards the next supply level at $24.00.

On the downside, sellers need to keep the XAG/USD spot price below $23.00 if they want to stay in the lead. In that case, they could drag silver towards the February 23 low of $22.57, followed by the February 14 low of $21.94.

XAG/USD Price Action – Daily Chart

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