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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,
XAG/USD Price Action – Daily Chart
XAG/USD
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