- Silver rises 0.60% and is trading at $24.46, driven by market caution.
- The technical analysis points to a possible break of the $24.50 barrier, with the aim of reaching annual highs.
- If silver falls below $24.18, there are downside risks, with critical supports at $24.00 and $23.57.
The Silver rises modestly at the end of the New York session, posting gains of 0.60%, while XAG/USD is trading at $24.46 after bottoming around $24.24. A risk-on push pushed up the price of the gray metal amid high US Treasury yields. However, it remains below last week's high of $24.50.
After reaching a minimum in the $24.20 area, Silver approached the $24.40 area, although without exceeding the psychological level of $24.50. Although Relative Strength Index (RSI) studies suggest further upside, buyers must break that zone. Once surpassed, the next target would be the year-to-date high of $24.63, followed by the August 30 high of $25.00. A decisive breakout would expose the December 4 high at $25.91.
In another scenario, if sellers intervened and dragged XAG/USD prices below the March 8 low at $24.18, downside risks would emerge at $24.00. The next support would be the March 6 low at $23.57.
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.
