Silver Price Analysis: XAG/USD rally pauses as ‘doji’ emerges as US yields climb

Source Fxstreet
May 16, 2024 19:47
  • Silver trades at $29.60, posting slight losses of 0.04% amid mixed US economic data.
  • Technical outlook shows a ‘doji’ pattern, signaling indecision among traders.
  • Silver must stay above $29.00 to challenge the YTD high of $29.79 and further resistance levels at $32.15 and $35.40.

Silver’s advancement paused on Thursday, as the grey metal posted minuscule losses of 0.04%, exchanging hands virtually unchanged. Jobs data, along with mixed housing data and the lack of strength in the manufacturing and industrial sectors, boosted US yields and the Greenback. Therefore, the grey metal dropped and traded at $29.60 at the time of writing.

XAG/USD Price Analysis: Technical outlook

Silver’s uptrend remains in place, but Thursday’s price action forming a ‘doji’ indicates that neither buyers nor sellers are in the domain of price action. It should be said that a ‘double top’ looms. However, momentum favors the former, as the Relative Strength Index (RSI) continues to aim upward despite approaching overbought conditions.

That said, if XAG/USD stays above $29.00, buyers could remain hopeful of testing the year-to-date (YTD) high of $29.79. A breach of the latter will pave the way to challenge the February 2013 high of $32.15, followed by the October 2012 high of $35.40.

Conversely, sellers must drag Silver’s price below the $29.00 figure. In that outcome, the pullback could reach the May 18, 2021, high turned support at $28.75, followed by the $28.00 mark. Further losses lie below the latter, with key support seen at $27.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 29.63
Today Daily Change -0.04
Today Daily Change % -0.13
Today daily open 29.67
 
Trends
Daily SMA20 27.58
Daily SMA50 26.6
Daily SMA100 24.77
Daily SMA200 24
 
Levels
Previous Daily High 29.74
Previous Daily Low 28.44
Previous Weekly High 28.77
Previous Weekly Low 26.44
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 29.24
Daily Fibonacci 61.8% 28.93
Daily Pivot Point S1 28.82
Daily Pivot Point S2 27.98
Daily Pivot Point S3 27.52
Daily Pivot Point R1 30.12
Daily Pivot Point R2 30.58
Daily Pivot Point R3 31.43

 

 

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