Silver Price Analysis: XAG/USD wavers, clings to gains above $28.00

FXStreet
Updated Apr 18, 2024 24:20
Mitrade

■  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



XAG/USD


Overview
Today last price 28.2
Today Daily Change 0.10
Today Daily Change % 0.36
Today daily open 28.1
 
Trends
Daily SMA20 26.44
Daily SMA50 24.58
Daily SMA100 24.03
Daily SMA200 23.65
 
Levels
Previous Daily High 29.02
Previous Daily Low 27.95
Previous Weekly High 29.8
Previous Weekly Low 26.88
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 28.36
Daily Fibonacci 61.8% 28.61
Daily Pivot Point S1 27.7
Daily Pivot Point S2 27.3
Daily Pivot Point S3 26.64
Daily Pivot Point R1 28.76
Daily Pivot Point R2 29.42
Daily Pivot Point R3 29.82

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