Silver Price Analysis: XAG/USD surges above $31.50 amid thin trading

Source Fxstreet
May 27, 2024 22:36
  • Silver rallies over 4%, trading at $31.42 after rebounding from a low of $30.25 in thin liquidity.
  • Technicals indicate strong upward bias, with bullish RSI not yet overbought.
  • Key resistance levels: Psychological $32.00 figure, YTD high at $32.51, and $33.00 mark.
  • Key support levels: $31.00 figure, $30.50 psychological level, and May 23 low of $30.07.

Silver prices rallied sharply on Monday, posting gains of more than 4%. At the time of writing, they were at $31.42. The grey metal bounced off daily lows of $30.25, capitalizing on thin liquidity conditions as Wall Street remained closed in observance of Memorial Day.

XAG/USD Price Analysis: Technical outlook

The daily chart suggests that Silver is upward-biased, yet it remains shy of testing the year-to-date (YTD) high of 32.51. Momentum supports buyers, as the Relative Strength Index (RSI) remains bullish though short of turning overbought.

With that said, the XAG/USD first resistance would be the psychological $32.00 figure. Once cleared, overhead resistance lies with the YTD high, followed by the $33.00 mark.

Conversely, the XAG/USD first support would be the $31.00 figure. Further losses lie below that demand area, like the $30.50 psychological level, followed by the May 23 low of $30.07.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 31.63
Today Daily Change 1.27
Today Daily Change % 4.18
Today daily open 30.36
 
Trends
Daily SMA20 28.72
Daily SMA50 27.5
Daily SMA100 25.27
Daily SMA200 24.29
 
Levels
Previous Daily High 30.62
Previous Daily Low 30.05
Previous Weekly High 32.51
Previous Weekly Low 30.05
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 30.4
Daily Fibonacci 61.8% 30.27
Daily Pivot Point S1 30.06
Daily Pivot Point S2 29.76
Daily Pivot Point S3 29.48
Daily Pivot Point R1 30.64
Daily Pivot Point R2 30.92
Daily Pivot Point R3 31.22

 

 

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