Mon. May 20th, 2024

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

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’s price tumbled on Friday’s session after refreshing three-year highs reached in February 2021. The grey metal peaked at $29.79 before plunging close to $2.00. The XAG/USD traded at $27.84, down 2.01%.

Silver XAG/USD Price Analysis: Technical outlook

Silver is bullishly biased despite retreating sharply after spiking toward the $29.70s area. However, achieving a daily close below the June 10, 2021, high turned support at $28.28 and clearing below $28.00 has opened the door for a pullback. Therefore, XAG/USD’s first support would be the April 10, low at $27.54, ahead of challenging the $27.00 figure. Further losses are seen on May 5, 2023, with high turned support at $26.12.

On the other hand, strong bullish momentum remains, and if buyers reclaim $28.00, that could be put back into the table, the continuation of the rally. The first supply zone would be June 10, 2021, high at $28.28, before testing May 18, 2021, at $28.74. Once surpassed, the next stop would be the year-to-date (YTD) high at $29.79.

Silver XAG/USD

Overview
Today last price27.88
Today Daily Change-0.58
Today Daily Change %-2.04
Today daily open28.46
Trends
Daily SMA2025.95
Daily SMA5024.25
Daily SMA10023.91
Daily SMA20023.57
Levels
Previous Daily High28.5
Previous Daily Low27.77
Previous Weekly High27.5
Previous Weekly Low24.75
Previous Monthly High25.77
Previous Monthly Low22.51
Daily Fibonacci 38.2%28.22
Daily Fibonacci 61.8%28.05
Daily Pivot Point S127.98
Daily Pivot Point S227.51
Daily Pivot Point S327.26
Daily Pivot Point R128.71
Daily Pivot Point R228.97
Daily Pivot Point R329.44

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