Silver Price Analysis: XAG/USD retreats as shooting star looms, sellers eye $28.00

FXStreet
Updated May 11, 2024 06:14
Mitrade

■Silver retreats from a three-week high reached at $28.74.

■Momentum favors bulls in the medium term; but shooting star looming paves the way for a retracement.

■Uptrend to resume with buyers clearing $28.74.


Silver prices reversed on Friday amid high US Treasury yields and a stronger US Dollar. The grey metal slipped 0.48% and exchanges hands at around $28.19, at the time of writing.


XAG/USD Price Analysis: Technical outlook


From a technical perspective, Silver is still upward biased, though the formation of a ‘shooting star,’ can pave the way for a pullback. Even though momentum favors bulls, as depicted by the Relative Strength Index (RSI) with readings between 60-70, its slope aims downwards.


Therefore, XAG/USD is bearishly biased in the short term. However, sellers will face solid support levels, like the $28.00 psychological level. Once cleared, the non-yielding metal could dive toward the 38.20% Fib retracement at $27.70, confluence with the April 62 high.


On the other hand, a bullish resumption could occur, if buyers reclaim the current week high of $28.76, followed by the $29.00 mark. A breach of the latter and buyers could challenge 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 -0.13
Today Daily Change % -0.46
Today daily open 28.33
 
Trends
Daily SMA20 27.5
Daily SMA50 26.17
Daily SMA100 24.59
Daily SMA200 23.89
 
Levels
Previous Daily High 28.34
Previous Daily Low 27.29
Previous Weekly High 27.44
Previous Weekly Low 26.02
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 27.94
Daily Fibonacci 61.8% 27.69
Daily Pivot Point S1 27.63
Daily Pivot Point S2 26.93
Daily Pivot Point S3 26.58
Daily Pivot Point R1 28.69
Daily Pivot Point R2 29.04
Daily Pivot Point R3 29.74

* 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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