Silver Price Analysis: XAG/USD edges up yet remains below $32.00
Source Fxstreet
- Silver is up 0.47%, just below Monday's eight-year high of $32.51.
- Strong upward momentum continues; RSI suggests further gains possible despite overbought conditions.
- Resistance levels at $32.51, $33.00, and October 2012 high of $35.40.
- Supports at May 20 low of $30.95, April 12 high of $29.79, and $28.00 psychological level.
Silver's price advanced 0.47% on Tuesday but remains trading below a significant eight-year high reached on Monday at $32.51. At the time of writing, the XAG/USD is at $31.96 after hitting a daily low of $31.80.
XAG/USD Price Analysis: Technical outlook
The grey metal remains upward biased even though it failed to crack the year-to-date (YTD) high of $32.51. Although the Relative Strength Index (RSI) is overbought, momentum is on the side of the buyers. Due to the uptrend's strength and speed, RSI remains shy of reaching overbought levels under strong trending conditions. In a strong uptrend, the RSI is considered overbought at 80.00.
With that said, if XAG/USD clears $32.51, further upside is seen as Silver’s next resistance emerges at $33.00. A breach of the latter could expose October’s 2012 high of $35.40.
Conversely, if Silver drops below the May 20 daily low of $30.95, further losses lie ahead. The next demand zone would be the April 12 high of $29.79, followed by the psychological figure of $28.00.
XAG/USD Price Action – Daily Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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