■ Silver edges higher, showing resilience with a 0.50% gain, yet faces tough resistance near $28.74.
■ Technical analysis suggests potential pullback risks with $28.00 as a pivotal level; further support at $27.59 and $27.00.
■ Upside momentum could resume if prices surpass $28.28, targeting higher resistance points at $28.74 and potentially $29.00.
Silver’s prices remain in positive territory but continued to register higher tails in the daily chart, signaling buyers' failure to commit to higher prices above the May 18, 2021, high of $28.74. At the time of writing, XAG/USD trades at $28.21 and gains 0.50%.
XAG/USD Price Analysis: Technical outlook
The daily chart depicts the grey metal as upward biased even though it’s retreating below the crucial resistance level, exposing the significant $28.00 figure. Once that level is cleared, it could potentially lead to a significant shift in the market dynamics. Silver’s next support would be the April 15 low of $27.59 ahead of $27.00. Once that level is taken out, the next demand zone would be the December 4, 2023, high turned support at $25.91.
On the other hand, if buyers lift XAG/USD prices back above June 10, 2021, high at $28.28, it could clear the path to test $28.74. A breach of the latter will expose $29.00, followed by the year-to-date (YTD) high at $29.79.
XAG/USD Price Action – Daily Chart
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