- Silver price remains mildly bid at weekly top, prints three-day uptrend.
- A clear break of 200-DMA, upbeat RSI (14) favor buyers to approach monthly top.
- Tops marked during October, August add to the downside filters.
Silver price (XAG/USD) picks up bids to refresh weekly top around $21.60 during Thursday’s Asian session.
In doing so, the bright metal rises for the third consecutive day while justifying the previous day’s upside break of the 200-DMA. Also keeping the XAG/USD bulls hopeful is the firmer RSI (14) line, not overbought.
With this, the quote is all set to approach the monthly high surrounding the 50% Fibonacci retracement of the March-September downside, near $22.25.
However, June’s peak surrounding $22.50 might challenge the silver buyers afterward, if not then a run-up towards the 61.8% Fibonacci retracement level near $23.40, also known as the golden ratio, could lure the bulls.
On the flip side, a daily closing below the 200-DMA, near $21.40 by the press time, appears necessary to confirm a short-term downside.
Even so, highs marked during October and August, respectively near $21.25 and $20.85, quickly followed by the 21-DMA support near $20.75, could restrict the XAG/USD’s short-term downside.
It’s worth noting that May’s low near $20.45 acts as the last defense of silver buyers.
Silver: Daily chart
Trend: Further upside expected
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
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.