Silver Price Analysis: XAG/USD skyrockets over 3% and surpasses $30.00

Source Fxstreet
Jun 20, 2024 21:04
  • Silver climbs over 3%, despite higher US Treasury yields and a stronger US Dollar.
  • Technical outlook shows bullish bias with momentum favoring buyers; RSI aims higher above the 50-neutral line.
  • Key resistance levels: $31.54 (June 7 high) and $32.00, with YTD high at $32.51 in sight.
  • Support levels at $29.09 (50-DMA) and $28.66 (MTD low).

Silver price rallied sharply for the second straight day and climbed past $30.00 on Thursday amid elevated US Treasury bond yields and a stronger US Dollar. The grey metal trades at $30.68 up by more than 3%.

XAG/USD Price Analysis: Technical outlook

Silver remains bullish biased and after consolidating during the last six days within the $28.60-$29.80, it has finally cleared the top of the range and surged past the $30.00 figure.

Momentum shifted in favor of the buyers after the Relative Strength Index (RSI) stood at around the 50-neutral line.

As XAG/USD resumed its uptrend, the next resistance level would be June 7 high at $31.54. Once cleared, the next stop would be $32.00 before challenging the year-to-date (YTD) high of $32.51.

On the other hand, if XAG/USD sellers drag spot prices below the 50-day moving average (DMA) at $29.09, it will expose $29.00. Once cleared, that could expose the MTD low of $28.66, ahead of plunging toward the 100-DMA at $26.60.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 30.73
Today Daily Change 1.02
Today Daily Change % 3.43
Today daily open 29.71
 
Trends
Daily SMA20 30.23
Daily SMA50 29.07
Daily SMA100 26.6
Daily SMA200 24.88
 
Levels
Previous Daily High 29.74
Previous Daily Low 29.34
Previous Weekly High 30.26
Previous Weekly Low 28.66
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.59
Daily Fibonacci 61.8% 29.5
Daily Pivot Point S1 29.45
Daily Pivot Point S2 29.2
Daily Pivot Point S3 29.05
Daily Pivot Point R1 29.85
Daily Pivot Point R2 30
Daily Pivot Point R3 30.25

 

 

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