XAG/USD rallies amid risk-on mood, low US yields

• Silver jumps to $22.93, buoyed by gains on Wall Street and a decline in US Treasury yields.
• Technical analysis suggests a push above $23.00 needed to shift from bearish to neutral outlook.
• Key resistance ahead at 50-day, 100-day, and 200-day SMAs, with potential targets extending to $24.00.

Silver prices advanced in the mid-North American session on Friday amid an upbeat market mood as depicted by Wall Street’s posting gains. That and a drop in US Treasury yields sponsored a leg-up in the grey metal. At the time of writing, the XAG/USD exchanges hands at $22.93, up by 0.86%.

From a technical standpoint, the XAG/USD remains downward biased despite pushing through the $22.90 figure, but it remains shy of shifting neutral. If buyers would like to regain control, they must break stir resistance levels above $23.00. The first level would be the 50-day SMA at $23.08, followed by the 100-day SMA at $23.18. Once those two levels are taken out, the 200-day SMA would appear at $23.27 before rallying toward the next supply level at $24.00.

On the flip side, sellers need to keep XAG/USD’s spot price below $23.00 if they would like to remain in charge. In that event, they could drag Silver toward the February 23 low of $22.57, followed by the February 14 cycle low of $21.94.

XAG/USD Price Action – Daily Chart