Silver rallied sharply in the mid-North American session on Wednesday, climbing more than 3.40% amid high US Treasury bond yields, while the Greenback extended its losses by more than 0.20%.
Silver's impressive rally brings it close to $25.00, marking significant gains in the North American session. Technical analysis highlights $25.00 as a pivotal resistance, with potential for further gains towards late 2023 highs. Failure at $25.00 could see silver retesting recent support levels, with the market closely watching $24.68 and $24.50. At the time of writing, XAG/USD trades at $24.95, around new year-to-date highs.
Further upside risks are seen at December’s 4 high of $25.91. On the other hand, if sellers keep XAG/USD spot prices below $25.00, that could sponsor a leg-down toward the March 12 high of $24.68. A breach of the latter will expose $24.50, followed by the January 2 high turned support at $24.09. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 24.97 Today Daily Change 0.80 Today Daily Change % 3.31 Today daily open 24.17 Trends Daily SMA20 23.28 Daily SMA50 22.
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