Silver Price Analysis: XAG/USD dips slightly, remains bullish above $27.00
29.04.2024, 19:57

Silver Price Analysis: XAG/USD dips slightly, remains bullish above $27.00

  • Silver retreats from a high of $27.43 while interacting with key Fibonacci retracement levels.
  • XAG/USD consolidates within the $27.05 to $27.70 Fibonacci range.
  • A break above $27.70 could open the path to higher resistances at $28.00 and possibly extend towards the $29.00 mark and the annual high at $29.76.
  • Should it fall below $27.05, Silver might target further supports at $26.41 and the crucial $25.50 level.

Silver's price edged down late during Monday’s North American session. It lost some 0.10% after reaching a daily high of $27.43 hit during the North American session. At the time of writing, XAG/USD trades at $27.12.

XAG/USD Price Analysis: Technical outlook

The XAG/USD daily chart suggests the grey metal is consolidating between 50% and 38.2% Fibonacci retracement, within the $27.05-$27.70 area of the Fib drawn from the swing low at $24.34 to the latest high at $29.76.

For a bullish continuation, traders need to reclaim the top of the abovementioned range at $27.70 so they can threaten to breach the $28.00 milestone. Once cleared, the next resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date (YTD) high at $29.76.

On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average (DMA) and the 78.6% Fib retracement at $25.50.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 27.15
Today Daily Change -0.07
Today Daily Change % -0.26
Today daily open 27.22
 
Trends
Daily SMA20 27.57
Daily SMA50 25.41
Daily SMA100 24.28
Daily SMA200 23.78
 
Levels
Previous Daily High 27.73
Previous Daily Low 27.08
Previous Weekly High 28.69
Previous Weekly Low 26.67
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 27.33
Daily Fibonacci 61.8% 27.49
Daily Pivot Point S1 26.96
Daily Pivot Point S2 26.7
Daily Pivot Point S3 26.31
Daily Pivot Point R1 27.61
Daily Pivot Point R2 27.99
Daily Pivot Point R3 28.25

 

 

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