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

Source Fxstreet
  • Silver prices climb due to a weaker US Dollar and lower US yields.
  • Traders await key inflation data from the US and Fed Chair Powell's speech.
  • Momentum favors bulls, but a daily close below $28.00 and Silver could dip toward $27.00, short-term.

Silver's price advanced 0.28% on Monday, courtesy of falling yields in US Treasuries and a softer US Dollar. A scarce economic schedule in the US keeps investors bracing for releasing the Consumer Price Index (CPI) on May 15, but first, traders will deal with Fed Chair Jerome Powell's speech on Tuesday. The XAG/USD trades at $28.22 after hitting a low of $27.97.

XAG/USD Price Analysis: Technical outlook

After peaking at around $28.74 last week, Silver dipped toward the $28.00 figure before reversing its course and shifting positively during the day. However, the grey metal remains below the June 10, 2021, high of $28.28, which could open the door for a pullback.

Momentum, as measured by the Relative Strength Index (RSI), favors the XAG/USD bulls, but a daily close below $28.00 could pave the way for further losses.

In that outcome, the XAG/USD first support would be the 38.2% Fib retracement at $27.70, followed by April’s 15 low of $27.59. Once cleared, the next stop would be the 50% Fib retracement at $27.06.

On the other hand, if Silver stays above $28.00, that could open the door for a bullish continuation. The first resistance would be May 10, high at $28.76. Once cleared, key resistance levels surface, like the $29.00 figure, followed by the year-to-date (YTD) high of $29.79.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 28.26
Today Daily Change 0.09
Today Daily Change % 0.32
Today daily open 28.17
 
Trends
Daily SMA20 27.51
Daily SMA50 26.28
Daily SMA100 24.63
Daily SMA200 23.92
 
Levels
Previous Daily High 28.77
Previous Daily Low 28.04
Previous Weekly High 28.77
Previous Weekly Low 26.44
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 28.32
Daily Fibonacci 61.8% 28.49
Daily Pivot Point S1 27.88
Daily Pivot Point S2 27.6
Daily Pivot Point S3 27.16
Daily Pivot Point R1 28.61
Daily Pivot Point R2 29.05
Daily Pivot Point R3 29.34

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
Gold rises to near $5,150 as Trump’s tariffs boost haven demand, US-Iran talks eyedGold price (XAU/USD) edges higher to near $5,095 during the early Asian session on Monday. The precious metal extends the rally amid US President Donald Trump’s tariff threats and uncertainty, boosting safe-haven flows. 
Author  FXStreet
Feb 23, Mon
Gold price (XAU/USD) edges higher to near $5,095 during the early Asian session on Monday. The precious metal extends the rally amid US President Donald Trump’s tariff threats and uncertainty, boosting safe-haven flows. 
placeholder
Gold climbs above $5,200 on geopolitical tensions, trade uncertaintyGold price (XAU/USD) jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions.
Author  FXStreet
Yesterday 01: 14
Gold price (XAU/USD) jumps to around $5,230 during the early Asian session on Tuesday. The rally of the precious metal is bolstered by heightened geopolitical tensions and global trade uncertainty following US tariff decisions.
placeholder
Top Crypto Losers: BCH, HYPE, PUMP extend losses as Bitcoin drops below $64,000Altcoins, including Bitcoin Cash (BCH), Hyperliquid (HYPE), and Pump.fun (PUMP), are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.
Author  FXStreet
Yesterday 05: 56
Altcoins, including Bitcoin Cash (BCH), Hyperliquid (HYPE), and Pump.fun (PUMP), are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.
placeholder
Gold advances back closer to $5,200 mark amid geopolitical tensions and USD weaknessGold (XAU/USD) attracts some dip-buyers following the previous day's modest pullback from the monthly top and climbs back closer to the $5,200 mark during the Asian session on Wednesday.
Author  FXStreet
3 hours ago
Gold (XAU/USD) attracts some dip-buyers following the previous day's modest pullback from the monthly top and climbs back closer to the $5,200 mark during the Asian session on Wednesday.
Related Instrument
goTop
quote