- Silver prices rise to a new three-month high around $24.80.
- US Treasury yields decline, driving gray metal prices higher.
- XAG/USD pair is bullish above $24.50; Otherwise, a pullback below $24.00 is expected.
Silver price finds solid resistance around $24.90, although it continues to trade higher, posting solid gains of over 1.30% on Monday as a pullback in US Treasury yields weakens to the dollar. This, along with a tight economic calendar, keeps investors focused on the release of the Personal Consumption Expenditure Price Index (PCE) at the end of the week. XAG/USD is trading at $23.65 after hitting a low of $24.27.
The daily chart of above the upper standard deviation of the bollinger bands. Further rises are expected above the August 30 high at $25.00, followed immediately by the next supply zone at $25.26, the July 20 high, followed by the May 10 swing high at $25.91.
In the bearish scenario, if the price of Silver falls below the psychological zone of $24.50, a test of the 200-day moving average (DMA) at $23.34 is expected. The next key demand areas would be the 20-DMA at $23.22, followed by the 50-DMA at $22.79.
XAG/USD Price Analysis – Daily Chart
XAG/USD technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
