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20 Apr 2021

Silver Price Analysis: XAG/USD fails to consolidate above 26.00 after hitting a fresh daily high at 26.08

  • XAG/USD unable to consolidate above 26.00 after hitting fresh daily highs.
  • Price moves sideways on Tuesday, unable to resume the upside and downside limited.

Silver and gold bounced off daily low and turned positive for the day during the American session. The recovery of the US dollar lost momentum and favored the rebound. Also, the decline in US yields helped the price of metals.

Gold has been a stronger performer than silver over the last hours. The deterioration in market sentiments weighed more on XAG rather than XAU that is benefiting from lower yields.

XAG/USD bottomed during the European session at $25.68 and then bounced to the upside. During the last hour, it climbed to as highs at $26.08 but it was unable to hold above $26.00 and pulled back to $25.80. As of writing, it is hovering around 25.90, moving sideways, unable to consolidate under 25.80 or above 26.05.

If silver breaks clearly above 26.10, it could rise to test last week's highs around 26.30. On the flip side, a consolidation under 25.75 would increase the bearish pressure, initially for a test of 25.60. Below the next support is at 25.30.

Technical levels

 

Apr 20, 2021

USD/CAD climbs to daily highs above 1.2550 amid plunging crude oil prices

The USD/CAD pair gained traction in the early trading hours of the American session and rose to a daily high of 1.2557. As of writing, the pair was up
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Apr 20, 2021

GBP/JPY Price Analysis: Upside ends abruptly, tests key short-term support

The GBP/JPY turned to the downside after hitting at 151.99, the highest level since April 7. It is trading at 150.60 after the sharp reversal, suggest
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