Silver Price Analysis: XAG/USD soars almost 4%, eyes $25.00

• Metals jump following the US official employment report that weakened the US dollar.
• XAG/USD rises to four-week highs, approaches $25.00.

Silver is rising 3.90% on Friday, boosted after the NFP report that came in below expectations and despite higher US yields. Technical factors helped boost XAG/USD to $24.84, the highest level in four weeks.

Metals are up sharply and extended gains into the London fix and ahead of a long weekend in the US. The employment report in the US showed an increase in payroll by 235K below the 750K expected.

The greenback weakened across the board and consolidated weekly losses. The DXY is down for the fourth consecutive day in a row and bottomed at 91.93, the lowest level in a month. The US 10-year yield jumped to 1.34% before moderating to 1.32%.

Silver and gold broke to the upside, ending days of range trading. The breakout added more fuel to the rally. Also, XAG/USD broke a short-term downtrend line. On the upside, the next resistance stands around $24.95 (55-SMA), followed by $25.00 (psychological) and $25.20. On the downside, now $24.60 is the immediate support and then $24.25.

Technical levels