Silver Price Analysis: XAG/USD shines above $24.00 fueled by soft US Dollar

Source Fxstreet
Mar 7, 2024 17:39
  • Silver's nearly 1% gain drives it to around $24.40, as market bets on a June Federal Reserve rate cut.
  • Technical indicators bullish as silver surpasses 50, 100, and 200-day DMAs, eyeing December highs.
  • Despite bullish trend, potential pullback risks exist if silver dips below $24.50, with supports at $24.00 and $23.57.

Silver price advances during Thursday’s session, gains almost 1% and stays above the $24.00 figure as investors expect a rate cut by the Federal Reserve in June. Therefore, XAG/USD exchanges hands at $24.40.

XAG/USD Price Analysis: Technical outlook

After bottoming at around $22.50, the grey metal extended its gains due to fundamental news. That opened the door to clear key resistance levels seen at the 50, 100, and 200-day moving averages (DMAs). If buyers push prices above the December 28 high of $24.48, look for a leg-up toward the December 22 peak at $24.60, ahead of the $25.00 psychological figure.

On a bearish scenario, the less likely as Relative Strength Index (RSI) studies show bullish momentum, XAG/USD’s daily close below $24.50, could sponsor a pullback. The first support would be the $24.00, followed by the March 6 low of $23.57,

XAG/USD Price Action – Daily Chart

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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