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Forex

Silver Price Analysis: XAG/USD fails again to hold above $24.20

  • Volatile session for Silver that is facing difficulties to consolidate above $24.00.
  • Higher US yields and a mixed dollar weighs on XAU/USD limiting XAG/USD.
  • Price is biased to the upside but it needs to break $24.25/30.

Silver is having a positive but volatile day on Tuesday. Recently XAG/USD rebounded from a session low at $23.80 to $24.28, matching last week high and then pulled back. It is hovering around $24.00 with a bullish bias, still facing important resistance ahead.

The improvement in risk appetite at the beginning of the week boosted commodities, particularly after last week’s US inflation data. At the same time, bonds in the US and Europe dropped. Higher yields limited the upside in Gold, the decline of the Dollar, and the break above $24.25/30 of XAG/USD.

As of writing, XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction ahead with an initial target at $23.55 and then $23.35 (Dec 22 low).

A firm break above $24.25 would clear the way to more gains targeting $24.55 and then the $25.00 zone.

XAG/USD 4-hour chart

Technical levels

 

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