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 price | 27.88 |
| Today Daily Change | -0.58 |
| Today Daily Change % | -2.04 |
| Today daily open | 28.46 |
| Trends | |
|---|---|
| Daily SMA20 | 25.95 |
| Daily SMA50 | 24.25 |
| Daily SMA100 | 23.91 |
| Daily SMA200 | 23.57 |
| Levels | |
|---|---|
| Previous Daily High | 28.5 |
| Previous Daily Low | 27.77 |
| Previous Weekly High | 27.5 |
| Previous Weekly Low | 24.75 |
| Previous Monthly High | 25.77 |
| Previous Monthly Low | 22.51 |
| Daily Fibonacci 38.2% | 28.22 |
| Daily Fibonacci 61.8% | 28.05 |
| Daily Pivot Point S1 | 27.98 |
| Daily Pivot Point S2 | 27.51 |
| Daily Pivot Point S3 | 27.26 |
| Daily Pivot Point R1 | 28.71 |
| Daily Pivot Point R2 | 28.97 |
| Daily Pivot Point R3 | 29.44 |