XAG/USD on the Rise, Sustaining Upward Momentum

Silver prices saw a 0.91% increase on Thursday amid low trading volumes as the Asia-Pacific trading session commenced, holding steady around $23.82. There was little change in the early Friday session as markets in Japan and the United States resumed activities following a break.

The daily chart for silver illustrates the gray metal's trend as neutral to slightly bullish, remaining close to the weekly high, potentially paving the way for a test of the $24.00 mark. After overcoming a previous hurdle, the next resistance lies at the highest point on June 9, reaching $24.52 before XAG/USD advances to $25.00. Achieving this milestone would solidify the upward trend, marking the highest point year-to-date at $26.12.

Conversely, a decline below the November 23rd low of $23.60 may initiate a test of the 200-day moving average (DMA) at $23.32. If sellers push the price below that level, XAG/USD could shift towards a neutral downtrend, indicating the 20-DMA at $23.13, followed by the 50-DMA at $22.75. This potential downward movement signals a cautious market sentiment and warrants careful monitoring in the coming sessions.