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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
