Silver Price Outlook: XAG/USD Extends Rally Above the $27.00 Mark

Silver price (XAG/USD) edged higher this Thursday, enabling it to catch highs not seen in nearly 2-and-a-half months. 

Lower bond yields for the 5th day running mean that the US Dollar is facing downward pressure, which has enabled the white metal to catch some bids on Thursday. The increased demand came at the start of the NY session, allowing the silver price to gain 2.78% as of writing. 

The same effect is also being seen in gold, which has seen its highest levels since February in Thursday’s trading session.

Silver Price (XAG/USD) Outlook

The XAG/USD pair continues to trade within the confines of the ascending channel, with the price hitting the upper boundary of the channel. This has occurred at the 27.502 resistance level. Price needs to break above this level to target price levels above 28.00, with 28.07 and 28.35 lining up as additional upside targets. 

On the other hand, a rejection at the upper border of the channel/resistance at 27.502 allows for a pullback towards the 26.868 support. Additional targets to the south include 26.325 and 26.034. 

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Silver Price (XAG/USD) Daily Chart

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