Silver Price Analysis: XAG/USD Surges Above $31.50 Amid Thin Trading
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- Silver rallies over 4%, trading at $31.42 after rebounding from a low of $30.25 in thin liquidity.
- Technicals indicate strong upward bias, with bullish RSI not yet overbought.
- Key resistance levels: Psychological $32.00 figure, YTD high at $32.51, and $33.00 mark.
- Key support levels: $31.00 figure, $30.50 psychological level, and May 23 low of $30.07.
Silver prices rallied sharply on Monday, posting gains of more than 4%. At the time of writing, they were at $31.42. The grey metal bounced off daily lows of $30.25, capitalizing on thin liquidity conditions as Wall Street remained closed in observance of Memorial Day.
XAG/USD Price Analysis: Technical outlook
The daily chart suggests that Silver is upward-biased, yet it remains shy of testing the year-to-date (YTD) high of 32.51. Momentum supports buyers, as the Relative Strength Index (RSI) remains bullish though short of turning overbought.
With that said, the XAG/USD first resistance would be the psychological $32.00 figure. Once cleared, overhead resistance lies with the YTD high, followed by the $33.00 mark.
Conversely, the XAG/USD first support would be the $31.00 figure. Further losses lie below that demand area, like the $30.50 psychological level, followed by the May 23 low of $30.07.
XAG/USD Price Action – Daily Chart
XAG/USD
OVERVIEW | |
---|---|
Today last price | 31.63 |
Today Daily Change | 1.27 |
Today Daily Change % | 4.18 |
Today daily open | 30.36 |
TRENDS | |
---|---|
Daily SMA20 | 28.72 |
Daily SMA50 | 27.5 |
Daily SMA100 | 25.27 |
Daily SMA200 | 24.29 |
LEVELS | |
---|---|
Previous Daily High | 30.62 |
Previous Daily Low | 30.05 |
Previous Weekly High | 32.51 |
Previous Weekly Low | 30.05 |
Previous Monthly High | 29.8 |
Previous Monthly Low | 24.75 |
Daily Fibonacci 38.2% | 30.4 |
Daily Fibonacci 61.8% | 30.27 |
Daily Pivot Point S1 | 30.06 |
Daily Pivot Point S2 | 29.76 |
Daily Pivot Point S3 | 29.48 |
Daily Pivot Point R1 | 30.64 |
Daily Pivot Point R2 | 30.92 |
Daily Pivot Point R3 | 31.22 |
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