XAG/USD’s breakout of technical resistance opened the door to testing $25.00.
XAG/USD’s pullback would expose a prior’s resistance trendline turned support around $24.25.
Silver price is eyeing to extend its gains past the $25.00 a troy ounce after hitting a new YTD high at $24.98. Since then, the XAG/USD retreaded some of those gains and hovers around the $24.80-$24.95 area, gaining 4.03%.
XAG/USD Price action
From a daily chart perspective, the XAG/USD is upward biased. The break of a four-month-old downslope resistance trendline opened XAG’s door to test the $25.00 mark, which, once cleared, could pave the way for further upside, with risks at April 18 daily high at $26.21, followed by 2022 high at $26.94.
Oscillators like the Relative Strength Index (RSI) entered overbought conditions, but remained below 80, seen as the overbought peak, after a strong uptrend. The Rate of Change (RoC) continues to push higher, though it remains shy of hitting its peak after the RoC soared after Silver’s bottom was around $19.92.
In the event of a pullback, XAG/USD’s first support would be the four-month-old resistance trendline turned support at $24.20-35, followed by the $24.00 psychological level. Once broken, that would exacerbate a dip towards the hanging man low at $23.57.
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