XAG/USD Price Analysis: Technical outlook
During the session, Silver hit a low of $24.07 with no fundamental news, besides Fitch Rating’s updating its global growth forecast. That provided the grey metal with a leg up, shy of the $25.00 figure, which could have opened the door for further upside. Nevertheless, it stands as the first resistance level, followed by the July 20 high at $25.25. Further upside risks are seen at December’s 4 high of $25.91.
On the other hand, if sellers keep XAG/USD spot prices below $25.00, that could sponsor a leg-down toward the March 12 high of $24.68. A breach of the latter will expose $24.50, followed by the January 2 high turned support at $24.09
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