Silver Price Analysis: XAG/USD Stabilizes Around $30.50 As Bulls And Bears Battle

By Christian Borjon Valencia of FX Street

Tuesday, July 9, 2024 7:30 PM EDT

Silver, Bars, 5000 Grams, Real Value

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Silver steadies following Monday’s drop below $31.00, showing slight recovery.
RSI indicates upward momentum with potential for a ‘double bottom’ breakout if $31.00 is cleared.
Key resistance at $32.29 and YTD high of $32.51; support at $30.18 and $28.57 if sellers take control.

Silver price stabilizes above the $30.50 area for the second straight day, following Monday’s losses of more than 1.20% that tumbled the grey’s metal price beneath the $31.00 figure. At the time of writing, the XAG/USD traded at $30.79 and gained some 0.03% on Tuesday.

XAG/USD Price Analysis: Technical outlook

Silver remains upward biased, with momentum backing buyers, as shown by the Relative Strength Index (RSI). Further, a ‘double bottom’ looms, though the tug-of-war between bulls and bears around the crucial June 21 high turned support at $30.84 remains, keeping buyers at bay.

However, if they clear the $31.00 mark, the next resistance would be the May 29 high at 32.29, ahead of testing the year-to-date (YTD) high of $32.51. A breach of the latter will expose the psychological $33.00 figure.

Conversely, if sellers drag XAG/USD’s price below the July 5 low of $30.18, that will expose the $30.00 mark. Once hurdle, the next stop would be the June 26 last cycle low at $28.57.

XAG/USD Price Action – Daily Chart

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