Silver Price Analysis: XAG/USD Rebounds As Bulls Target $29.00

By Christian Borjon Valencia of FX Street

Thursday, June 27, 2024 6:50 PM EDT

Silver, Bars, 5000 Grams, Real Value

Image Source: Pixabay

Silver stages a comeback, trading at $29.00 with gains of 0.83% after yesterday's 0.46% loss.
RSI shows bearish momentum, indicating possible extended losses.
Support levels: $28.28 (June 10 high), $28.00, $27.01 (May 8 low), $26.82 (100-DMA).
Resistance points: $29.00, $29.17 (50-DMA), $31.54 (June 7 high), $32.00, $32.51 (YTD high).

Silver price stages a comeback on Thursday and erases yesterday’s losses of 0.46%. It trades near the crucial $29.00 psychological level and registers gains of 0.83% at the time of writing.

XAG/USD Price Analysis: Technical outlook

Silver’s price action during the last couple of days formed a quasi ‘tweezers bottom’ candle chart, yet it remains trading within a descending channel, spurred by last week's ‘bearish engulfing’ chart pattern formation, that exacerbated the grey’s metal downtrend.

Momentum support sellers, as measured by the Relative Strength Index (RSI), standing at bearish territory, hinting the grey metal could extend its losses.

Therefore, XAG/USD's first support is the June 10, 2021, high at $28.28. A breach of the latter will expose the psychological $28.00 mark, followed by the May 8 swing low of $27.01, ahead of the 100-DMA at $26.82.

Conversely, if XAG/USD reclaims the $29.00 figure, the next resistance level would be the 50-day moving average (DMA) at $29.17. Once hurdle, the next level would be the June 7 high of $31.54. Clearing this would aim for $32.00 before challenging the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

US DOLLAR PRICE TODAY

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.01%	-0.02%	-0.03%	-0.02%	-0.00%	0.01%	-0.00%
EUR	0.01%		-0.00%	-0.02%	-0.00%	-0.01%	0.02%	0.00%
GBP	0.02%	0.00%		-0.02%	-0.02%	0.00%	0.02%	-0.02%
JPY	0.03%	0.02%	0.02%		-0.03%	0.01%	-0.01%	0.02%
CAD	0.02%	0.00%	0.02%	0.03%		0.00%	0.01%	-0.01%
AUD	0.00%	0.00%	-0.00%	-0.01%	-0.00%		0.02%	0.02%
NZD	-0.01%	-0.02%	-0.02%	0.00%	-0.01%	-0.02%		-0.03%
CHF	0.00%	-0.00%	0.02%	-0.02%	0.00%	-0.02%	0.03%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

More By This Author:

Silver Price Analysis: XAG/USD Tumbles And Remains Bearish Below $29.00
Silver Price Analysis: XAG/USD Collapses Below 50-DMA As Surrenders $29.00
AUD/JPY Price Analysis: Hits 17-Year High Above 106.00 On JPY Weakness

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