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.

Dhwani Mehta FXStreet

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

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.

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