By NewsBlogger Silver’s price surged by more than 1.40% on Friday, reaching $25.18 per troy ounce, driven by technical buying and a positive global growth outlook, with potential resistance at $25.85 and a bullish sentiment indicated by the RSI indicator.
At a glance
- Silver’s price surged by more than 1.40% on Friday, reaching $25.18 per troy ounce.
- The XAG/USD pair hit a new year-to-date high of $25.44 during the session.
- The Relative Strength Index (RSI) indicator signals a bullish sentiment.
- Analysts expect further gains for Silver due to a positive global growth outlook and increased demand.
- XAG/USD is currently trading within a range of $19.00 to $26.00, with potential rally targets between $29.50 and just under $32.00.
The details
Silver’s price surged by more than 1.40% on Friday, reaching $25.18 per troy ounce.
The XAG/USD pair hit a new year-to-date high of $25.44 during the session despite the strength of the US Dollar.
However, the rally towards $26.00 was stopped by an upslope support trendline turning into resistance.
The Relative Strength Index (RSI) indicator signals a bullish sentiment, but if XAG/USD falls below $25.00, sellers could target the $24.50 area.
On March 12, the daily low for Silver was recorded at $24.01.
The increase in Silver’s price was driven by technical buying and long-term bullish fundamentals, pushing XAG/USD to $25.20s.
Positive US Industrial Production data in February showed a 0.1% increase, exceeded expectations, and improved from the previous month.
Analysts expect further gains for Silver due to a positive global growth outlook and increased demand in various industries.
Despite higher-than-expected inflation data in the US, Silver bulls remain undeterred despite potential delays in Federal Reserve interest rate cuts.
The Silver Institute predicts strong demand for Silver in 2024, projecting its second-best year on record with demand expected to rise to 1.2 billion ounces.
XAG/USD is currently trading within a range of $19.00 to $26.00, with a broader range between $17.50 and $30.00. A breakout above $25.85 could indicate further upside potential for Silver, with potential rally targets between $29.50 and just under $32.00. A breakout to the upside could potentially lead to a target of $37.50. However, Silver may face resistance at the range highs in the $25.80-90s and could experience a pullback.
On the other hand, Gold’s rally has continued despite delays in Federal Reserve rate cuts.
Economists at ANZ Bank are closely monitoring the outlook for gold as its price remains resilient.
ANZ Bank experts are closely scrutinizing gold’s performance, indicating ongoing analysis of the situation.
Article X-ray
Sources
Facts attribution
This section links each of the article’s facts back to its original source.
If you suspect false information in the article, you can use this section to investigate where it came from.
| fxstreet.com |
|---|
| – Silver’s price increased by more than 1.40% on Friday – Silver is trading at $25.18 a troy ounce – XAG/USD advanced despite the Greenback remaining strong – Silver reached a new year-to-date high of $25.44 during the session |
| – The advance towards $26.00 was stopped by an upslope support trendline turning into resistance – The Relative Strength Index (RSI) indicator is bullish – If XAG/USD falls below $25.00, sellers could target the $24.50 area – The March 12 daily low for Silver was $24.01 |
| fxstreet.com |
|---|
| – Silver price (XAG/USD) increased over one and a half percentage points to $25.20s on Friday due to technical buying and long-term bullish fundamentals. – US Industrial Production data showed a 0.1% rise in February, beating estimates and improving from the previous month. – Analysts predict Silver could see more gains due to a positive outlook for global growth and increased demand for its use in various industries. – Recent higher-than-expected inflation data from the US did not deter Silver bulls despite the potential delay in interest rate cuts by the Federal Reserve. – The Silver Institute forecasts robust demand for Silver in 2024, predicting it will have its second-best year on record with demand rising to 1.2 billion ounces. – XAG/USD remains within a range between $19.00 and $26.00, with a broader range between $17.50 and $30.00. – A breakout above $25.85 could indicate further upside potential for Silver, with potential rally targets between $29.50 and just shy of $32.00. – A breakout to the upside could potentially lead to a target at $37.50. – Silver may face resistance at the range highs in the $25.80-90s and could pull back down. – Traders should watch for a decisive break higher before considering entering the market, characterized by a long green daily candle piercing clearly above the level and closing near its high, or three green candles in a row breaching the level. |
| fxstreet.com |
|---|
| – Gold’s rally has continued despite delays in Federal Reserve rate cuts – Economists at ANZ Bank are analyzing the outlook for gold – The price of gold has remained strong – ANZ Bank economists are closely monitoring the situation – Gold’s performance is being closely watched by experts |
