Silver Price Analysis: XAG/USD Stays Firm And Consolidates Around $29.50
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- Silver maintains gains above $29.50 for the second day, buoyed by rate cut speculation.
- Neutral to downward bias with first support at the 50-DMA near $29.01.
- Key resistance levels at $30.25 (June 12 high) and $31.00, with YTD high at $32.51 in sight.
Silver recovered some ground and traded above $29.50 for a second consecutive trading day, up by 0.30%. May’s US Retail Sales data disappointed investors and fueled expectations that the US central bank could cut rates this year. This weighed on US Treasury yields and the Greenback.
XAG/USD Price Analysis: Technical outlook
Silver’s metal is showing a neutral to downward bias after hitting an eleven-year high of $32.51. Since then, it has retreated towards the area near the 50-day moving average (DMA) at approximately $29.01, the first support level.
Momentum shows that neither buyers nor sellers remain in charge, as the Relative Strength Index (RSI) hovers at around the 50-midline.
That said, if XAG/USD rises past the $30.00 figure, the grey metal will extend its gains. The first resistance would be the June 12 high of $30.25 followed by the $31.00 mark, ahead of challenging the year-to-date (YTD) high of $32.51.
Conversely, if XAG/USD sellers keep prices below $30.00, the first support would be the 50-day moving average (DMA) at 29.01, followed by the 100-DMA at $26.40, followed by the May 2 low of $26.02.
XAG/USD Price – Daily Chart
XAG/USD
| OVERVIEW | |
|---|---|
| Today last price | 29.54 |
| Today Daily Change | 0.08 |
| Today Daily Change % | 0.27 |
| Today daily open | 29.46 |
| TRENDS | |
|---|---|
| Daily SMA20 | 30.41 |
| Daily SMA50 | 29 |
| Daily SMA100 | 26.47 |
| Daily SMA200 | 24.81 |
| LEVELS | |
|---|---|
| Previous Daily High | 29.58 |
| Previous Daily Low | 29.03 |
| Previous Weekly High | 30.26 |
| Previous Weekly Low | 28.66 |
| Previous Monthly High | 32.51 |
| Previous Monthly Low | 26.02 |
| Daily Fibonacci 38.2% | 29.24 |
| Daily Fibonacci 61.8% | 29.37 |
| Daily Pivot Point S1 | 29.14 |
| Daily Pivot Point S2 | 28.81 |
| Daily Pivot Point S3 | 28.59 |
| Daily Pivot Point R1 | 29.68 |
| Daily Pivot Point R2 | 29.9 |
| Daily Pivot Point R3 | 30.23 |
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