Market news
24.05.2024, 20:18

Silver Price Analysis: XAG/USD trims losses, remains bullish and clings above $30.00

  • Silver climbs 0.59%, trading at $30.30, recovering from near-weekly lows of $30.00.
  • Softer-than-expected US Durable Goods data and improved consumer sentiment support Silver prices.
  • RSI remains bullish, indicating strong buyer momentum despite exiting overbought conditions.

Silver prices trimmed some of Thursday’s losses yet remain near the weekly lows of $30.00; exchange hands at $30.30 are up 0.59% at the time of writing. The grey metal was boosted by softer-than-expected US Durable Goods data, while American consumer sentiment improved.

XAG/USD Price Analysis: Technical outlook

The grey metal is upward biased, and the XAG/USD clinging to gains above $30.00 could pave the way for further upside. After the Relative Strength Index (RSI) exited overbought conditions, it remains bullish and aiming up, hinting that the buyer's momentum remains strong.

With that said, the XAG/USD first resistance would be the May 23 high of $30.97. A breach of the latter will expose the $31.50 figure, followed by $32.00, and the year-to-date (YTD) high reached on May 20 at $32.51.

Conversely, XAG/USD's first support would be the $30.00 psychological level. If further weakness occurs, the next support level would be the April 12 high, now turned support, at $29.79, followed by $29.00. Additional key support levels include the May 18, 2021, high at $28.74 and the June 10, 2021, high at $28.28.

XAG/USD Price Action – Daily Chart


Today last price 30.36
Today Daily Change 0.23
Today Daily Change % 0.76
Today daily open 30.13
Daily SMA20 28.57
Daily SMA50 27.39
Daily SMA100 25.2
Daily SMA200 24.25
Previous Daily High 30.98
Previous Daily Low 30.07
Previous Weekly High 31.6
Previous Weekly Low 27.97
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 30.42
Daily Fibonacci 61.8% 30.63
Daily Pivot Point S1 29.8
Daily Pivot Point S2 29.48
Daily Pivot Point S3 28.89
Daily Pivot Point R1 30.72
Daily Pivot Point R2 31.31
Daily Pivot Point R3 31.63



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