Silver Price Analysis: XAG/USD stays firm and consolidates around $29.50

Source Fxstreet
Jun 18, 2024 21:50
  • Silver maintains gains above $29.50 for the second day, buoyed by rate cut speculation.
  • Neutral to downward bias with first support at the 50-DMA near $29.01.
  • Key resistance levels at $30.25 (June 12 high) and $31.00, with YTD high at $32.51 in sight.

Silver recovered some ground and traded above $29.50 for a second consecutive trading day, up by 0.30%. May’s US Retail Sales data disappointed investors and fueled expectations that the US central bank could cut rates this year. This weighed on US Treasury yields and the Greenback.

XAG/USD Price Analysis: Technical outlook

Silver’s metal is showing a neutral to downward bias after hitting an eleven-year high of $32.51. Since then, it has retreated towards the area near the 50-day moving average (DMA) at approximately $29.01, the first support level.

Momentum shows that neither buyers nor sellers remain in charge, as the Relative Strength Index (RSI) hovers at around the 50-midline.

That said, if XAG/USD rises past the $30.00 figure, the grey metal will extend its gains. The first resistance would be the June 12 high of $30.25 followed by the $31.00 mark, ahead of challenging the year-to-date (YTD) high of $32.51.

Conversely, if XAG/USD sellers keep prices below $30.00, the first support would be the 50-day moving average (DMA) at 29.01, followed by the 100-DMA at $26.40, followed by the May 2 low of $26.02.

XAG/USD Price – Daily Chart

XAG/USD

Overview
Today last price 29.54
Today Daily Change 0.08
Today Daily Change % 0.27
Today daily open 29.46
 
Trends
Daily SMA20 30.41
Daily SMA50 29
Daily SMA100 26.47
Daily SMA200 24.81
 
Levels
Previous Daily High 29.58
Previous Daily Low 29.03
Previous Weekly High 30.26
Previous Weekly Low 28.66
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.24
Daily Fibonacci 61.8% 29.37
Daily Pivot Point S1 29.14
Daily Pivot Point S2 28.81
Daily Pivot Point S3 28.59
Daily Pivot Point R1 29.68
Daily Pivot Point R2 29.9
Daily Pivot Point R3 30.23

 

 

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