Silver fluctuates on uncertainty

Silver’s price endures two consecutive declines near its YTD highs of $25.13, but it is unable to cross the $25.00 per troy ounce threshold. After hitting a day high of $25.00, the XAG/USD is trading at $24.95 at the time of writing.

The price movement of the white metal, sometimes known as silver, during the past few days reveals that neither buyers nor sellers are confident in their positions. The Relative Strength Index (RSI) is overbought at the start of the week, indicating that demand may soon slow. The Rate of Change signals buyers remain in charge, but they must reclaim the YTD high at $25.13 before posing a threat to test the last year’s high at $26.95.

For the Silver Index (XAG/USD) to start rising once more, the daily close needs to be over $25.00. This would allow for a test of the $25.12 YTD high and then the $25.87 high from April 14 high. The $26.00 resistance level and the $26.21 cycle high from April 18 would follow.

If XAG/USD prints a daily close below $25.00, a test of the 25th cycle high from February at $24.62 would be made more difficult. Once passed, the white metal might subsequently test a trendline that was formerly a resistance but is now a support at roughly $24.25–40 before falling towards $24.00.