Silver Price Analysis: XAG/USD edges up yet remains below $32.00

Source Fxstreet
May 21, 2024 21:47
  • 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

XAG/USD

Overview
Today last price 31.98
Today Daily Change 0.16
Today Daily Change % 0.50
Today daily open 31.82
 
Trends
Daily SMA20 28.02
Daily SMA50 27
Daily SMA100 24.97
Daily SMA200 24.13
 
Levels
Previous Daily High 32.51
Previous Daily Low 30.95
Previous Weekly High 31.6
Previous Weekly Low 27.97
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 31.92
Daily Fibonacci 61.8% 31.55
Daily Pivot Point S1 31.01
Daily Pivot Point S2 30.19
Daily Pivot Point S3 29.44
Daily Pivot Point R1 32.57
Daily Pivot Point R2 33.33
Daily Pivot Point R3 34.14

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Crude Oil tests higher ground on quiet Wednesday, WTI touches $81.00 West Texas Intermediate (WTI) US Crude Oil tested into fresh Wednesday highs on thin volume, clipping $81.00 per barrel as commodities drift softly higher despite US exchanges shuttered for the Juneteenth holiday.
Author  FXStreet
West Texas Intermediate (WTI) US Crude Oil tested into fresh Wednesday highs on thin volume, clipping $81.00 per barrel as commodities drift softly higher despite US exchanges shuttered for the Juneteenth holiday.
placeholder
USD/JPY Price Analysis: Steadies as Asian session begins, above 158.00The USD/JPY remains flat as Thursday’s Asian session begins, yet it printed minuscule gains of 0.15% on Wednesday.
Author  FXStreet
The USD/JPY remains flat as Thursday’s Asian session begins, yet it printed minuscule gains of 0.15% on Wednesday.
placeholder
EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful dataEUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s Purchasing Managers Index (PMI) activity figures for meaningful data releases to drive sentiment in either direction.
Author  FXStreet
EUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s Purchasing Managers Index (PMI) activity figures for meaningful data releases to drive sentiment in either direction.
placeholder
Bitcoin Dump Expected, BTC In The “Boring Zone” As Whales ExitBitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.
Author  Bitcoinist
Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.
placeholder
Solana Down 40% But Analyst Says Now’s The Time To Buy SOLSolana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum.
Author  NewsBTC
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum.
goTop
quote