Silver's nearly 1% gain drives it to around $24.40, as market bets on a June Federal Reserve rate cut.
Technical indicators bullish as silver surpasses 50, 100, and 200-day DMAs, eyeing December highs.
Despite bullish trend, potential pullback risks exist if silver dips below $24.50, with supports at $24.00 and $23.57.
Silver price advances during Thursday’s session, gains almost 1% and stays above the $24.00 figure as investors expect a rate cut by the Federal Reserve in June. Therefore, XAG/USD exchanges hands at $24.40.
XAG/USD Price Analysis: Technical outlook
After bottoming at around $22.50, the grey metal extended its gains due to fundamental news. That opened the door to clear key resistance levels seen at the 50, 100, and 200-day moving averages (DMAs). If buyers push prices above the December 28 high of $24.48, look for a leg-up toward the December 22 peak at $24.60, ahead of the $25.00 psychological figure.
On a bearish scenario, the less likely as Relative Strength Index (RSI) studies show bullish momentum, XAG/USD’s daily close below $24.50, could sponsor a pullback. The first support would be the $24.00, followed by the March 6 low of $23.57
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.