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Silver Price Analysis: XAG/USD remains bullish, eyeing $29.00

  • XAG/USD climbs 3.61%, nearing $29.00 due to robust demand in the precious metals sector.
  • Technical analysis suggests further upside potential, with aims at the April 12 high of $29.79 and the key $30.00 level.
  • Key supports are at the May 18, 2021, high of $28.75, the June 10, 2021, high of $28.28, and the crucial $28.00 psychological level.

Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level. At the time of writing, XAG/USD trades at $28.85, up by 3.61%.

XAG/USD Price Analysis: Technical outlook

Silver’s daily chart portrays the grey metal is bullish, shy of reclaiming the $29.00 handle. Once cleared, the next resistance would be the April 12 high of $29.79 before aiming toward the $30.00 threshold, last seen in February 2013. The next resistance would be February’s monthly high at $32.15.

Conversely, XAG/USD’s first support would be the May 18, 2021, high turned support at $28.75, followed by the June 10, 2021, high at $28.28. Once those two levels are surpassed, the $28.00 psychological level will be next.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 28.96
Today Daily Change 1.08
Today Daily Change % 3.87
Today daily open 27.88
 
Trends
Daily SMA20 26.1
Daily SMA50 24.34
Daily SMA100 23.95
Daily SMA200 23.6
 
Levels
Previous Daily High 29.8
Previous Daily Low 27.88
Previous Weekly High 29.8
Previous Weekly Low 26.88
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 28.61
Daily Fibonacci 61.8% 29.07
Daily Pivot Point S1 27.24
Daily Pivot Point S2 26.6
Daily Pivot Point S3 25.32
Daily Pivot Point R1 29.16
Daily Pivot Point R2 30.44
Daily Pivot Point R3 31.08

 

 

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