- Silver prices hit a four-week high of $24.52 before falling back to $24.26.
- For a bullish continuation, the XAG/USD needs to break out of $24.49 resistance and pave the way to $25.00 per troy ounce.
- If the XAG/USD fails to break out of $24.49, it could lead to further losses and a fall to $24.01 or $23.63.
Silver prices hit a four-week high, but ended the day tumbling back from that level, forming a tombstone doji, with neither buyers nor sellers winning the battle, suggesting the battle would continue into the next week. ing. Therefore, XAG/USD closed the week at $24.26 after hitting a daily high of $24.52.
XAG/USD Price Analysis: Technical Outlook
The XAG/USD daily chart shows that the pair is trending neutral in the short term. The daily EMA is below the silver spot price, but the silver price is likely to continue to fall as XAG/USD failed to break above the April 25 low of $24.49 to break the market structure. . Nonetheless, real news, like the Federal Reserve’s (Fed) monetary policy decision on Wednesday, could give direction after printing the day’s update.
For a bullish continuation, XAG/USD needs to recover $24.49, which could apply the figure of $25.00 per troy ounce in play. A break in the latter would expose the May 11 high of $25.47 before challenging the May 10 daily high of $25.91.
If the XAG/USD fails to break out of $24.49, it could pave the way for further losses. XAG/USD may plunge towards the June 2nd high of $24.01, followed by a June 8th low of $23.63 before falling towards $23.50.