Silver Price Forecast: XAG/USD extends its rally to five days as bull’s eye $26.00 By christianborjon Silver XAGUSD Commodities Metals
Geopolitics, mixed US inflation data, and China’s Covid-19 outbreak boost Silver. extended its rally in the North American session, trading above the April 11 cycle high of $25.37, amid a mixed market mood, courtesy of the Russian-Ukraine crisis, hotter than expected US inflation, and China’s coronavirus outbreak. XAG/USD is trading at $25.58.Global equities are trading mixed, with European bourses down while their US counterparts rise.
The market’s initial reaction was that the greenback fell below the 100.000 mark, while US Treasuries edged lower as investors assessed that March’s reading could be the peak of US inflation. Meanwhile, money market futures keep their aggressive forecasts of the Federal Reserve hiking at 0.50%. The odds show a 94% chance that the Federal Reserve would lift the Federal Funds Rate to 1% in its May meeting.XAG/USD’s daily chart confirms that Silver has an upward bias. The daily moving averages reside below the spot price, though it’s worth noting that the 200-DMA at $23.90 is trapped between the 50-DMA at $24.56 and the 100-DMA at $23.72., and the uptrend is intact.
Upwards, the XAG/USD first resistance would be the confluence of the March 24 cycle high and the R2 pivot point around the $25.75-85 range. A breach of the latter would expose the psychological $26.00 mark, followed by the R3 pivot at $26.12. On the downside, the XAG/USD first support would be the R1 daily pivot at $25.40. Once cleared, the next support would be the confluence of March 31 and the daily pivot at the $25.09-05 range, followed by the 50-hour simple moving average at $24.97. A decisive break would expose a solid support area near the confluence of the 100, the 200-hour SMAs, and the S1 pivot point around $24.68-72.
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