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

Source Fxstreet
May 13, 2024 19:49
  • 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.
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