Silver Price Analysis: XAG/USD dips below $27.00 after hitting multi-year high

Source Fxstreet
Apr 4, 2024 20:32
  • Silver pulls back from $27.33 amid geopolitical concerns, market caution.
  • Bullish trend holds, with supports at $25.91, $25.08.
  • Rebound above $27.00 may target recent high, with eyes on $28.00, subject to market shifts.

Silver’s retreats after hitting a two-and-a-half-year high of $27.33 amid growing speculations of geopolitical risks due to Israel’s attack on Iran’s embassy in Syria. That has triggered a late risk-off impulse, which is weighing on the precious metals, including Gold. The XAG/USD is down more than 1% and trades at $26.84.

XAG/USD Price Analysis: Technical outlook

Silver’s remain upward biased as depicted by successive series of higher highs and higher lows, despite retreating as of writing. If sellers would like to regain control, they must drag XAG/USD’s prices toward the December 4 high turned support at $25.91. Once surpassed, the next stop would be the April 2 low at $25.08 before plummeting toward March 27’s low of $24.33.

On the other hand, if buyers push Silver’s spot price above $27.00, look for a re-test of the year-to-date (YTD) high at $27.33 before rallying to $28.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 26.82
Today Daily Change -0.35
Today Daily Change % -1.29
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.
placeholder
Gold price bounces back from two-week low amid thin liquidity conditionsGold price is up on Monday amid thin trading due to holidays across both sides of the Atlantic, particularly the UK and the US.
Source  Fxstreet
Gold price is up on Monday amid thin trading due to holidays across both sides of the Atlantic, particularly the UK and the US.
placeholder
Gold price plunges to one-week low on strong US data and rising Treasury yieldsGold price tanks for the third straight day on Thursday, refreshing one-week lows after economic data from the United States spurred a jump in US Treasury yields and boosted the American Dollar.
Source  Fxstreet
Gold price tanks for the third straight day on Thursday, refreshing one-week lows after economic data from the United States spurred a jump in US Treasury yields and boosted the American Dollar.
placeholder
Gold price retreats after reaching all-time high despite falling US yieldsGold price retraces during Tuesday’s North American session after hitting an all-time high of $2,450.
Source  Fxstreet
Gold price retraces during Tuesday’s North American session after hitting an all-time high of $2,450.
goTop
quote