• Silver's impressive rally brings it close to $25.00, marking significant gains in the North American session.
• Technical analysis highlights $25.00 as a pivotal resistance, with potential for further gains towards late 2023 highs.
• Failure at $25.00 could see silver retesting recent support levels, with the market closely watching $24.68 and $24.50.

Silver rallied sharply in the mid-North American session on Wednesday, climbing more than 3.40% amid high US Treasury bond yields, while the Greenback extended its losses by more than 0.20%. At the time of writing, XAG/USD trades at $24.95, around new year-to-date (YTD) highs.

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.

XAG/USD Price Action – Daily Chart