- A nearly 1% surge propels silver to approximately $24.40, fueled by market expectations of a Federal Reserve rate cut in June.
- Bullish technical indicators emerge as silver surpasses its 50, 100, and 200-day DMAs, setting sights on December highs.
- While the overall trend remains bullish, there is a possibility of pullback risks if silver drops below $24.50, with support levels identified at $24.00 and $23.57.
Silver prices show upward momentum in Thursday’s session, registering an almost 1% gain and maintaining a position above the $24.00 mark. Investor anticipation of a Federal Reserve rate cut in June contributes to XAG/USD trading at $24.40.
XAG/USD Price Analysis: Technical outlook
Having reached a bottom around $22.50, the silver market extended its gains propelled by fundamental news. This allowed for a breakthrough of significant resistance levels, including the 50, 100, and 200-day moving averages (DMAs). In the event that buyers successfully drive prices above the $24.48 high recorded on December 28, the next target is anticipated to be the peak on December 22 at $24.60, followed by the psychological threshold of $25.00.
In a less likely bearish scenario, given the bullish momentum indicated by the Relative Strength Index (RSI) studies, a daily close below $24.50 for XAG/USD could trigger a pullback. The initial support level would be at $24.00, followed by the low on March 6 at $23.57.
XAG/USD Price Action – Daily Chart
XAG/USD
