tradingkey.logo

Silver Price Analysis: XAG/USD rebounds as bulls target $29.00

FXStreetJun 28, 2024 12:34 AM

  • Silver stages a comeback, trading at $29.00 with gains of 0.83% after yesterday's 0.46% loss.


  • RSI shows bearish momentum, indicating possible extended losses.


  • Support levels: $28.28 (June 10 high), $28.00, $27.01 (May 8 low), $26.82 (100-DMA).


  • Resistance points: $29.00, $29.17 (50-DMA), $31.54 (June 7 high), $32.00, $32.51 (YTD high).


Silver price stages a comeback on Thursday and erases yesterday’s losses of 0.46%. It trades near the crucial $29.00 psychological level and registers gains of 0.83% at the time of writing.  



XAG/USD Price Analysis: Technical outlook


Silver’s price action during the last couple of days formed a quasi ‘tweezers bottom’ candle chart, yet it remains trading within a descending channel, spurred by last week's ‘bearish engulfing’ chart pattern formation, that exacerbated the grey’s metal downtrend.


Momentum support sellers, as measured by the Relative Strength Index (RSI), standing at bearish territory, hinting the grey metal could extend its losses.


Therefore, XAG/USD's first support is the June 10, 2021, high at $28.28. A breach of the latter will expose the psychological $28.00 mark, followed by the May 8 swing low of $27.01, ahead of the 100-DMA at $26.82.


Conversely, if XAG/USD reclaims the $29.00 figure, the next resistance level would be the 50-day moving average (DMA) at $29.17. Once hurdle, the next level would be the June 7 high of $31.54. Clearing this would aim for $32.00 before challenging the year-to-date (YTD) high of $32.51.


XAG/USD Price Action – Daily Chart


US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

 

USD

EUR

GBP

JPY

CAD

AUD

NZD

CHF

USD

 

-0.01%

-0.02%

-0.03%

-0.02%

-0.00%

0.01%

-0.00%

EUR

0.01%

 

-0.00%

-0.02%

-0.00%

-0.01%

0.02%

0.00%

GBP

0.02%

0.00%

 

-0.02%

-0.02%

0.00%

0.02%

-0.02%

JPY

0.03%

0.02%

0.02%

 

-0.03%

0.01%

-0.01%

0.02%

CAD

0.02%

0.00%

0.02%

0.03%

 

0.00%

0.01%

-0.01%

AUD

0.00%

0.00%

-0.00%

-0.01%

-0.00%

 

0.02%

0.02%

NZD

-0.01%

-0.02%

-0.02%

0.00%

-0.01%

-0.02%

 

-0.03%

CHF

0.00%

-0.00%

0.02%

-0.02%

0.00%

-0.02%

0.03%

 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Related Instruments

Recommended Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.