- Silver is poised to retest its year-to-date high of $24.63, after marking a 0.86% rise.
- The technical dynamics suggest the possibility of further gains if silver breaks the resistance at $24.50.
- Downside risks lurk if silver falls below $24.31, targeting supports at $24.00 and the March 6 low at $23.57.
Silver prices rebound, but remain below the new year-to-date high of $24.63. It reached earlier, with gains of 0.86%, and is trading around $24.50 during the North American mid-session.
Silver retreated during the day, below the March 7 daily close of $24.31, which could sponsor a leg lower if sellers push prices lower. However, buyers are holding the price of Silver above the latter, and if they reclaim the $24.50 level, that could push XAG/USD to retest $24.63, before $25.00.
On the other hand, if sellers drag Silver prices below $24.31, XAG/USD could fall to $24.00. A break of the latter will expose the March 6 low of $23.57, followed by the confluence of the 100- and 200-day moving average (DMA) at $23.27.
XAG/USD Price Action – Daily Chart
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.
