untitled design

Silver Price Analysis: XAG/USD rallies strongly, bulls set target at $30.00

  • Silver is trading at $29.73, up more than 3.80% following the release of a weaker US CPI.
  • The XAG/USD pair must break above $29.79 and $30.00 for the bullish momentum to continue.
  • Key supports at $28.75 and $28.00 if prices fall below $29.00.

Silver's rally continued on Wednesday after the US Consumer Price Index (CPI) came in softer than expected, causing yields to drop, a tailwind for the precious metal. XAG/USD is trading at $29.73, up more than 3.80% on the day.

XAG/USD Price Analysis: Technical Outlook

The price of Silver surpassed the psychological levels of $29.00 and $29.50, however, it is still far from reaching the yearly high of $29.79. That left a double top in the making, but momentum favors buyers, as evidenced by the Relative Strength Index (RSI).

XAG/USD must surpass the yearly high and the psychological level of $30.00 for a bullish continuation. A break of those levels will expose the February 2013 high at $32.15, followed by the October 2012 high at $35.40.

On the other hand, sellers have to drag the price of Silver below $29.00. In that case, the pullback could reach the May 18, 2021 high, which became support, at $28.75, followed by $28.00. Below this last level, key support is located at $27.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Latest price today 29.68
Today Daily Change 1.06
Today Daily variation % 3.70
Today daily opening 28.62
Trends
daily SMA20 27.5
50 daily SMA 26.48
SMA100 daily 24.71
SMA200 Journal 23.97
Levels
Previous daily high 28.75
Previous daily low 28.1
Previous weekly high 28.77
Previous weekly low 26.44
Previous Monthly High 29.8
Previous monthly low 24.75
Daily Fibonacci 38.2 28.5
Fibonacci 61.8% daily 28.34
Daily Pivot Point S1 28.23
Daily Pivot Point S2 27.84
Daily Pivot Point S3 27.58
Daily Pivot Point R1 28.88
Daily Pivot Point R2 29.14
Daily Pivot Point R3 29.52

Source: Fx Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular