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Silver Price Analysis: XAG/USD hits two-day high but slips below $24.00

  • XAG/USD holds firm and climbs as USD remains available across the board.
  • Silver Price Analysis: Range-bound but could turn bullish above $24.50; otherwise, it could resume Test 50-DMA.

Silver prices extended gains for the second day in a row, breaking Thursday’s It made a session high of $23.93 and held above the 20-day exponential moving average (EMA) to post a new two-day high of $24.07. Nonetheless, XAG/USD fell back below $24.00 to trade at $23.93 as the North American session progressed. Silver Price Analysis: XAG/USD Technical Outlook The XAG/USD daily chart shows that despite Thursday’s break above the 20-day moving average, the white metal remains near $24.50 top. After testing the year-to-date high of $24.54 twice this month, XAG/USD fell to a 2023 low of $23.12 and has since failed to break decisively above $24.00. Also, the relative strength index (RSI) resumed its upward trajectory, but the rate of change (RoC) suggests buyers are gathering some steam. Given the above, if XAG/USD breaks above $24.50, buyers will remain in control and open the door to a test of the psychological $25.00 level door. A breakout would expose the April 18 daily high of $26.21. As an alternative, the first level of support for XAG/USD is the 20-day exponential moving average (EMA) at 23.69. A breakout of the latter would send silver toward the Jan. 19 pivot low of $23.17 ahead of $23.00 and just above the 50-day moving average of $22.91.

Silver key technical level

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