Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    Silver Price Analysis: XAG/USD soars after Fed’s decision, eyes set on $26.00

    FXStreet
    Updated Mar 21, 2024 24:47
    Mitrade

    • Silver prices surge nearly 3%, buoyed by the Federal Reserve's decision to maintain current interest rates.


    • US Dollar Index declines, supporting silver's upward momentum as investors digest the Fed's dovish stance.


    • Technical indicators suggest potential for further gains, with XAG/USD traders targeting the $26.00 resistance level.


    • Downside risks include a retracement towards the $25.00 support, and below.



    Silver prices climbed on Wednesday after the US central bank, the Federal Reserve, held rates unchanged, delivering a “dovish” hold. Consequently, US Treasury yields edged down, and the Greenback remained pressured, as shown by the US Dollar Index (DXY), down 0.37% at 103.44. Therefore, XAG/USD trades at $25.61, up close to 3%.



    XAG/USD Price Analysis: Technical outlook


    Silver rallied sharply above the $25.50 rea, hitting a daily high at $25.63. A further upside is seen above that area, with grey metal traders eyeing $26.00 a troy ounce as the next key resistance level. Once those two levels are taken out, the next supply zone would be the April 18, 2022, high at $26.21, followed by the March 8, 2022, high at $26.94.


    If sellers move in and drag prices below March 15’s high of $25.43, look for a drop toward  $25.00. Once cleared, the next stop would be the December 22 high turned support at $24.60, followed by the $24.00 mark.


    XAG/USD Price Action – Daily Chart



    XAG/USD


    Overview
    Today last price 25.55
    Today Daily Change 0.64
    Today Daily Change % 2.57
    Today daily open 24.91
     
    Trends
    Daily SMA20 23.8
    Daily SMA50 23.16
    Daily SMA100 23.41
    Daily SMA200 23.32
     
    Levels
    Previous Daily High 25.16
    Previous Daily Low 24.73
    Previous Weekly High 25.45
    Previous Weekly Low 24.01
    Previous Monthly High 23.5
    Previous Monthly Low 21.93
    Daily Fibonacci 38.2% 24.89
    Daily Fibonacci 61.8% 24.99
    Daily Pivot Point S1 24.71
    Daily Pivot Point S2 24.51
    Daily Pivot Point S3 24.29
    Daily Pivot Point R1 25.14
    Daily Pivot Point R2 25.36
    Daily Pivot Point R3 25.56

     

     

    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

    Do you find this article useful?