Silver Price Analysis: Bull cross points to a rally towards $29 mark


  • Silver sits at ten-day highs above $28, as DXY keeps the red.
  • XAG/USD looks to May 18 high of $28.75 en-route $29 mark.
  • Bullish RSI and crossover on the daily chart back the upside.

Silver (XAG/USD) is extending its four-day upbeat momentum on Tuesday, starting out June on a firmer footing while taking a positive lead from across the commodity board.

The white metal is heading towards the $28.50 barrier, with technical indicators pointing to the additional upside.

On the daily chart, silver price has spotted a bull crossover after the 50-simple moving average (SMA) pierced the 100-SMA from below. The bullish crossover adds credence to the upbeat price action.

Further, the 14-day Relative Strength Index (RSI) holds firmer, pointing towards the overbought territory, currently at 65.16.

If the uptrend picks up pace, a test of the May 18 high at $28.75 remains inevitable. The bulls would then target the $29 mark.

Silver Price Chart: Daily

On the flip side, any pullback could probe the $28 round figure, below which the rising trendline support at 21-SMA of $27.58 will be on the bears’ radars.

Note that the silver price hasn’t closed below 21-SMA since April 12.

Silver Additional levels

XAG/USD

Overview
Today last price 28.35
Today Daily Change 0.30
Today Daily Change % 1.07
Today daily open 28.04
 
Trends
Daily SMA20 27.54
Daily SMA50 26.32
Daily SMA100 26.34
Daily SMA200 25.7
 
Levels
Previous Daily High 28.14
Previous Daily Low 27.88
Previous Weekly High 28.23
Previous Weekly Low 27.4
Previous Monthly High 28.75
Previous Monthly Low 25.81
Daily Fibonacci 38.2% 28.04
Daily Fibonacci 61.8% 27.98
Daily Pivot Point S1 27.9
Daily Pivot Point S2 27.76
Daily Pivot Point S3 27.64
Daily Pivot Point R1 28.16
Daily Pivot Point R2 28.28
Daily Pivot Point R3 28.42

 

 

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