Silver Records Gains For The Second Consecutive-Day, Eyes Move Above $24
The precious metal has performed excellently for the second consecutive day and could surpass the $24 level over the coming hours if it maintains the current momentum.
XAG Crosses The $23.50
Leading precious metal Silver has been performing excellently over the past 48 hours. Silver’s rally comes as a result of the weakness of the greenback, which has been underperforming following the economic policies rolled out by the United States Federal Reserve.
XAG started the week in a bearish trend, losing massively against the US Dollar. With little buying interest from investors, Silver nearly dropped below the $22 mark earlier this week. However, the bulls have been able to keep Silver’s price above the $22 key psychological level.
The precious metal turned things around yesterday after rallying by nearly 1%. The weakness of the US Dollar also contributed to XAG’s performance. Silver has continued the rally today and could extend the wins if the market conditions persist.
At the time of writing, XAG is trading at $23.525, up by 1.89% over the past 24 hours. The rally over the past few hours has seen the buying interest on Silver increase significantly as more investors entered the market.
XAG Could Target the $25 Level If Rally Continues
Market investors would keep a close eye on the greenback as its performance would determine how Silver performs in the coming days. If XAG is able to surpass the $24 level over the coming hours, then the buying pressure would increase, and the precious metal would attempt to reach the $25 point over the coming trading sessions.
However, the US Dollar could still regain its strength if the 10-year US T-bond yield is able to hold above the critical 1.5% mark. If the greenback regains its strength, the XAG could drop below the $23. A decline to that level could expose the $22.50 support level. However, Silver could defend the $22 support level over the coming days as it has done in the past.