Silver Price Analysis: XAG/USD Retreats As Shooting Star Looms, Sellers Eye $28.00
Image Source: Pixabay
- Silver retreats from a three-week high reached at $28.74.
- Momentum favors bulls in the medium term; but shooting star looming paves the way for a retracement.
- Uptrend to resume with buyers clearing $28.74.
Silver prices reversed on Friday amid high US Treasury yields and a stronger US Dollar. The grey metal slipped 0.48% and exchanges hands at around $28.19, at the time of writing.
XAG/USD Price Analysis: Technical outlook
From a technical perspective, Silver is still upward biased, though the formation of a ‘shooting star,’ can pave the way for a pullback. Even though momentum favors bulls, as depicted by the Relative Strength Index (RSI) with readings between 60-70, its slope aims downwards.
Therefore, XAG/USD is bearishly biased in the short term. However, sellers will face solid support levels, like the $28.00 psychological level. Once cleared, the non-yielding metal could dive toward the 38.20% Fib retracement at $27.70, confluence with the April 62 high.
On the other hand, a bullish resumption could occur, if buyers reclaim the current week high of $28.76, followed by the $29.00 mark. A breach of the latter and buyers could challenge the year-to-date (YTD) high at $29.79.
XAG/USD Price Action – Daily Chart
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 28.2 |
| Today Daily Change | -0.13 |
| Today Daily Change % | -0.46 |
| Today daily open | 28.33 |
| TRENDS | |
|---|---|
| Daily SMA20 | 27.5 |
| Daily SMA50 | 26.17 |
| Daily SMA100 | 24.59 |
| Daily SMA200 | 23.89 |
| LEVELS | |
|---|---|
| Previous Daily High | 28.34 |
| Previous Daily Low | 27.29 |
| Previous Weekly High | 27.44 |
| Previous Weekly Low | 26.02 |
| Previous Monthly High | 29.8 |
| Previous Monthly Low | 24.75 |
| Daily Fibonacci 38.2% | 27.94 |
| Daily Fibonacci 61.8% | 27.69 |
| Daily Pivot Point S1 | 27.63 |
| Daily Pivot Point S2 | 26.93 |
| Daily Pivot Point S3 | 26.58 |
| Daily Pivot Point R1 | 28.69 |
| Daily Pivot Point R2 | 29.04 |
| Daily Pivot Point R3 | 29.74 |
More By This Author:
AUD/USD Weakens Further As US Treasury Yields Boost US Dollar
AUD/USD Dips Below 0.6600 Following RBA’s Decision
AUD/USD Stalls Ahead Of Reserve Bank Of Australia’s Decision
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more
Comments
