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 price | 28.31 |
Today Daily Change | 0.11 |
Today Daily Change % | 0.39 |
Today daily open | 28.2 |
Trends | |
---|---|
Daily SMA20 | 26.6 |
Daily SMA50 | 24.7 |
Daily SMA100 | 24.07 |
Daily SMA200 | 23.68 |
Levels | |
---|---|
Previous Daily High | 28.8 |
Previous Daily Low | 28.08 |
Previous Weekly High | 29.8 |
Previous Weekly Low | 26.88 |
Previous Monthly High | 25.77 |
Previous Monthly Low | 22.51 |
Daily Fibonacci 38.2% | 28.53 |
Daily Fibonacci 61.8% | 28.36 |
Daily Pivot Point S1 | 27.92 |
Daily Pivot Point S2 | 27.64 |
Daily Pivot Point S3 | 27.19 |
Daily Pivot Point R1 | 28.64 |
Daily Pivot Point R2 | 29.09 |
Daily Pivot Point R3 | 29.37 |