Wed. Jun 19th, 2024

SILVER PRICE TODAY FORECAST: XAG/USD RECOVERS ABOVE $28.50 DESPITE MULTIPLE TAILWINDS

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 (XAG/USD) finds strong buying interest near $27.50 after correcting from fresh highs of $29.80.

  • Silver price bounces back to $28.50 even though investors expect Middle East tensions won’t escalate further.
  • US bond yields rally amid uncertainty over Fed rate cut timing.
  • Upbeat US Retail Sales boost demand for the US Dollar.

Silver price (XAG/USD) finds strong buying interest near $27.50 after correcting from fresh highs of $29.80.

The white metal rebounds to $28.50 in Monday’s American session but struggles to extend recovery as investors expect that Middle East tensions will not escalate further.

Iran said we don’t want to raise tensions in the Middle East further. Their administration added, “the matter deemed to be closed.” However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe, the Wall Street Journal reported.

Meanwhile, US President Joe Biden said it won’t support the counterattack from Israel. On Saturday, Iran launched hundreds of drones and missile on the Israeli state.

Meanwhile, higher bond yields due to deepening uncertainty about when the Federal Reserve (Fed) will pivot to rate cuts is barricading the Silver price from further upside. 10-year US Treasury yields rise to 4.65%.

The US Dollar Index (DXY) extends its upside to 106.20 after upbeat US Retail Sales data for March.

The US Census Bureau reported that Retail Sales rose strongly by 0.7% from expectations of 0.3% but the pace was slower than the prior reading of 0.9%, upwardly revised from 0.6%.

Silver Price technical analysis

Silver price recaptures a three-year high near $30.00. The long-term outlook of the Silver price is extremely bullish as the 20-week Exponential Moving Average (EMA) near $25.00, is sloping higher. The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting that a bullish momentum is active.

XAG/USD

Overview
Today last price28.25
Today Daily Change0.37
Today Daily Change %1.33
Today daily open27.88
Trends
Daily SMA2026.1
Daily SMA5024.34
Daily SMA10023.95
Daily SMA20023.6
Levels
Previous Daily High29.8
Previous Daily Low27.88
Previous Weekly High29.8
Previous Weekly Low26.88
Previous Monthly High25.77
Previous Monthly Low22.51
Daily Fibonacci 38.2%28.61
Daily Fibonacci 61.8%29.07
Daily Pivot Point S127.24
Daily Pivot Point S226.6
Daily Pivot Point S325.32
Daily Pivot Point R129.16
Daily Pivot Point R230.44
Daily Pivot Point R331.08

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