• Under pressure from rising US Treasury yields and a stronger dollar, silver retreats below $24.80.
• The technical picture is still favorable, with possible resistance levels of $25.50 and $25.91.
• Two key support levels to watch are $24.07 and $24.00, with notable moving averages offering further benchmarks.

The price of silver fell below $25.00 per troy ounce as US Treasury yields increased in response to data from the US that caused investors to reduce their bets on Fed rate cuts. As a result, the US Dollar strengthened, and the XAG/USD fell by 0.79% to trade at $24.80.

Price analysis of XAG/USD: Technical perspective

Silver has retreated below the $25.00 mark but is still upward-biased. Despite reaching a daily close of $24.80, the grey metal is still in position for gains that could push prices up to $25.50 and even higher. The next target is the high of $25.91 on December 4, followed by $26.00.

 

Alternatively, if sellers intervened and forced XAG/USD prices below $24.50, the daily low on March 13 at $24.07 would be the first significant support level. After it is surpassed, $24.00 would be the next target, and then $23.29/30 would be the intersection of the 100 and 200-day moving averages (DMAs).

XAG/USD Price Action – Daily Chart