- Silver continues its bullish trend, surpassing $25.00 and gaining over 1.40% despite broader market conditions.
- Reaching a new year-to-date high of $25.44, XAG/USD shows resilience with potential to break through $26.00 resistance.
- If Silver retraces below $25.00, it may test support levels at $24.50 and $24.01, challenging buyer strength.
Silver’s price performance stands out on Friday, with gains exceeding 1.40% and outperforming Gold, which has experienced two consecutive days of losses. Currently trading at $25.18 per troy ounce, XAG/USD’s rise persists despite the strength of the US Dollar backed by high US Treasury bond yields.
XAG/USD Price Analysis: Technical outlook
Setting a new year-to-date high at $25.44 during the session, Silver faced resistance near the $26.00 mark from an upslope support trendline. Despite a retreat from this level, the Relative Strength Index (RSI) suggests ongoing bullish momentum, potentially paving the way for a breakthrough of the $26.00 resistance.
If XAG/USD drops below $25.00, a downside movement towards $24.50 and further down to the March 12 daily low of $24.01 could be expected.
XAG/USD Price Action – Daily Chart
Despite facing some resistance, Silver’s bullish momentum continues to drive its price higher, showcasing resilience in the face of broader market trends. The potential break above $26.00 signals further positive movement for XAG/USD, while a retreat below $25.00 could test the strength of buyers in the market.