Silver Price Analysis: XAG/USD retreats amid strong US Dollar

FXStreet
Updated May 8, 2024 03:57
Mitrade

■Silver drops in late trading, impacted by a strong US Dollar and falling Treasury yields.

Remains technically bullish, trading within key Fibonacci levels from $24.33 to $29.78.

Resistance at $27.70, support at $27.05; market trends could push price to $28.00 or below $27.00.


Silver price slid late in the North American session due to overall US Dollar strength across the board amid falling US Treasury yields. Despite that, the XAG/USD trades at $27.23, down 0.71%.


XAG/USD Price Analysis: Technical outlook


The grey metal remains upward-biased despite retreating toward the $27.20 area on Tuesday. It should be said that XAG/USD is still 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.


If Silver buyers would like to regain control, they must clear the 38.2% Fibo retracement at $27.70. Once surpassed, emerge key resistance levels, like the $28.00 psychological figure, followed by the 23.6% Fibo 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% Fibo 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



XAG/USD


Overview
Today last price 27.24
Today Daily Change -0.20
Today Daily Change % -0.73
Today daily open 27.44
 
Trends
Daily SMA20 27.58
Daily SMA50 25.87
Daily SMA100 24.48
Daily SMA200 23.84
 
Levels
Previous Daily High 27.48
Previous Daily Low 26.44
Previous Weekly High 27.44
Previous Weekly Low 26.02
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 27.08
Daily Fibonacci 61.8% 26.84
Daily Pivot Point S1 26.76
Daily Pivot Point S2 26.07
Daily Pivot Point S3 25.71
Daily Pivot Point R1 27.81
Daily Pivot Point R2 28.17
Daily Pivot Point R3 28.86

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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