Wed. Jun 19th, 2024

SILVER PRICE ANALYSIS: XAG/USD CLINGS TO $28.00 AMID HIGH US YIELDS

SILVER PRICE ANALYSIS: XAG/USD PLUMMETS AFTER HITTING THREE-YEAR HIGH, STAYS BULLISHSILVER PRICE ANALYSIS: XAG/USD PLUMMETS AFTER HITTING THREE-YEAR HIGH, STAYS BULLISH

Silver Price clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.

  • Silver maintains modest gains supported by a still-bullish market sentiment despite high US Treasury yields.
  • Technical outlook favorable as the Relative Strength Index (RSI) indicates buying activity despite a slight dip.
  • Potential resistance and breakout points set at $28.75 and $29.00, with eyes on surpassing the year-to-date high of $29.79.

Silver clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.

XAG/USD Silver Price Analysis: Technical outlook

The grey metal continues to hold to the $28.00 threshold, while the Relative Strength Index (RSI) continues to edge lower. One could assume that buyers are taking a respite as the RSI edges lower, but it remains above the latest through of 54.00. With that said, Silver remains upward-biased as momentum favors bulls.

If XAG/USD buyers reclaim the May 18, 2021, daily high at $28.75, they could challenge $29.00. A breach of the latter will expose the year-to-date (YTD) high at $29.79 before challenging $30.00.

Otherwise, Silver’s drop below $28.00 would give sellers the upper hand and expose key support levels. Firstly, the April 15 daily low at $27.59, followed by the confluence of the 50% Fibo retracement and the $27.00 figure.

XAG/USD

Overview
Today last price28.31
Today Daily Change0.11
Today Daily Change %0.39
Today daily open28.2
Trends
Daily SMA2026.6
Daily SMA5024.7
Daily SMA10024.07
Daily SMA20023.68
Levels
Previous Daily High28.8
Previous Daily Low28.08
Previous Weekly High29.8
Previous Weekly Low26.88
Previous Monthly High25.77
Previous Monthly Low22.51
Daily Fibonacci 38.2%28.53
Daily Fibonacci 61.8%28.36
Daily Pivot Point S127.92
Daily Pivot Point S227.64
Daily Pivot Point S327.19
Daily Pivot Point R128.64
Daily Pivot Point R229.09
Daily Pivot Point R329.37

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