Silver Price Forecast: XAG/USD pulls back from all-time highs, hovers around $27.00
Source Fxstreet
- Silver price could find a key support area around the major level of $27.50, following the psychological level of $26.00.
- Technical analysis suggests confirmation of the bullish sentiment.
- The immediate resistance zone appears around the all-time high of $27.33 and the major support at $27.50.
Silver price attempts to snap its five-day winning streak, retreating from the all-time highs and trading near $27.00 per troy ounce during early European hours on Thursday. The price of the Silver received upward support as the US Dollar lost ground due to the dovish sentiment surrounding the Federal Reserve’s (Fed) interest rates trajectory.
Silver price could find key support around the major level of $27.50, following the psychological level of $26.00, in conjunction with the 23.6% Fibonacci retracement level of $25.94. A break below this level could exert downward pressure on navigating the region around a major support level of $25.50 and the 14-exponential Moving Average (EMA) of $25.43.
Technical analysis suggests a bullish confirmation for the Gold price. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating strength in buying momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence above the signal line and remains above the centerline.
On the upside, the all-time high of $27.33 could act as an immediate resistance, followed by the major support at $27.50. A breakthrough above the latter could lead the Silver price to explore the region around the psychological level of $28.00.
XAG/USD: Daily Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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