- Silver rebounds from $27.00, rising 0.38% amid increased buying interest.
- Remains bullish, trading between Fibonacci levels of $24.33 and $29.78.
- To gain further, needs to surpass 38.2% Fibonacci level at $27.70, targeting $28.00 and beyond.
Silver price registers modest gains despite rising US Treasury bond yields and a strong US Dollar. The grey metal dipped to $27.00 but climbed as buyers stepped in. The XAG/USD trades at $27.33, up by 0.38%.
XAG/USD Price Analysis: Technical outlook
Silver remains upward biased, and it remains trading within the 50% and 38.2% Fibonacci retracements, drawn from the latest cycle low and high, each at $24.33 and $29.78, respectively.
The Relative Strength Index (RSI) is in bullish territory, indicating that momentum favors bulls. However, from a price action standpoint, buyers need to clear the 38.2% Fib retracement at $27.70 to challenge year-to-date (YTD) highs. Once surpassed, the next key resistance level would be the $28.00 psychological figure, followed by the 23.6% Fib retracement at $28.49 ahead of $29.00.
On the flip side, if sellers want to push prices lower, they must drag prices below the 50% Fib retracement at $27.05. Once done, sellers must clear $27.00, followed by the confluence of the May 2 low and the 50-day moving average (DMA) at $26.02/08.
XAG/USD Price Action – Daily Chart
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 and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains above 1.0850 after US inflation data
EUR/USD trades in positive territory above 1.0850 in the American session on Friday. The US Dollar struggles to preserve its strength following the April PCE inflation data and helps the pair hold its ground heading into the weekend.
GBP/USD retreats from 1.2765, holds on to modest gains
GBP/USD posted a two-day high peat at 1.2765 in the American session, as US data showed that the core PCE inflation held steady at 2.8% on a yearly basis in April. The pair retreated afterwards as risk aversion triggered US Dollar demand.
Gold falls towards $2,330 as the mood sours
US inflation-related data took its toll on financial markets. Wall Street turned south after the opening and without signs of easing price pressures in the world’s largest economy. The US Dollar takes the lead in a risk-averse environment.
Here’s why Chainlink price could crash 15% despite spike in social volume Premium
Chainlink price has flashed multiple sell signals after its recent climb, hinting at a short-term correction. This signal comes despite a double-digit growth in its social volume. LINK bulls need to exercise caution as this forecast is backed by on-chain metrics.
Week ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report
ECB set to slash rates on Thursday, focus on forward guidance. But will the BoC take the lead when it meets on Wednesday? US jobs report eyed on Friday as Fed unyielding on cuts. OPEC+ might extend some output reductions into 2025.