Silver Price Forecast: XAG/USD pulls back from all-time highs, hovers around $27.00

Source Fxstreet
Apr 4, 2024 07:38
  • 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

XAG/USD

Overview
Today last price 27.06
Today Daily Change -0.11
Today Daily Change % -0.40
Today daily open 27.17
 
Trends
Daily SMA20 24.93
Daily SMA50 23.66
Daily SMA100 23.66
Daily SMA200 23.42
 
Levels
Previous Daily High 27.19
Previous Daily Low 26.12
Previous Weekly High 25
Previous Weekly Low 24.33
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 26.78
Daily Fibonacci 61.8% 26.53
Daily Pivot Point S1 26.47
Daily Pivot Point S2 25.76
Daily Pivot Point S3 25.4
Daily Pivot Point R1 27.54
Daily Pivot Point R2 27.9
Daily Pivot Point R3 28.61

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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