• Thu. May 30th, 2024

Silver Price Analysis: XAG/USD peaks to new three-year high above $27.00

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  • Silver’s surge to multi-year highs reflects strong precious metals momentum, undeterred by US job market.
  • Technical outlook hints at more gains, with resistances at $27.50, $28.00.
  • RSI dip may prompt support tests at $27.00, $26.12 for future direction clues.

Silver soared sharply and finished the week with gains of close to 10%, hitting three-year highs after reaching levels last seen in June 2021. At the time of writing, XAG/USD trades at $27.45 a troy ounce, gaining more than 2%.

The precious metals segment ignored an upbeat US jobs report that might delay the Federal Reserve from slashing rates in the June meeting. According to the CME FedWatch Tool, market participants decreased their bets on a quarter-percentage-point rate cut in June, though July remains in play. Silver followed Gold’s path, though the latter is trading at all-time highs.

XAG/USD Price Analysis: Technical outlook

The grey metal daily chart shows Silver dipped as low as $26.29 after the US NFP release but, in the aftermath, rallied to multi-year highs. The Relative Strength Index (RSI) despite being at overbought conditions, aims up, an indication that buyers are gathering momentum. That said, XAG/USD next resistance would be $27.50, followed by the $28.00 psychological mark. Key resistance lies at June 10, 2021, high at $28.28.

On the other hand, if the RSI punches below the 70 level, that could sponsor a pullback, toward the $27.00 figure. The next support would be the May 5, 2023 high turned support at $26.12, followed by the $26.00 figure.

XAG/USD Price Action – Daily Chart

XAG/USD

OVERVIEW
Today last price 27.48
Today Daily Change 0.56
Today Daily Change % 2.08
Today daily open 26.92
TRENDS
Daily SMA20 25.07
Daily SMA50 23.75
Daily SMA100 23.7
Daily SMA200 23.45
LEVELS
Previous Daily High 27.3
Previous Daily Low 26.68
Previous Weekly High 25
Previous Weekly Low 24.33
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 26.92
Daily Fibonacci 61.8% 27.06
Daily Pivot Point S1 26.63
Daily Pivot Point S2 26.35
Daily Pivot Point S3 26.01
Daily Pivot Point R1 27.25
Daily Pivot Point R2 27.59
Daily Pivot Point R3 27.87
On Key

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