Silver Price Analysis: XAG/USD bulls challenge a key hurdle near $28.25-30 region

  • Silver scaled higher for the third consecutive session on Friday and jumped to over one-week tops.
  • Bulls now await a sustained move beyond the $28.30 region before positioning for any further gains.

Silver built on the previous day's goodish bounce from weekly lows and gained some follow-through traction on the last trading day of the week. This marked the third consecutive day of a positive move and pushed the commodity to one-and-half-week tops, around the $28.25-30 area during the early European session.

The mentioned region marks a heavy supply zone and coincides with a short-term ascending trend-line support breakpoint. A sustained move beyond will be seen as a fresh trigger for bullish traders and set the stage for an extension of the recent bounce from the vicinity of the $27.00 mark, or monthly lows touched last Thursday.

Meanwhile, technical indicators on the daily chart are holding comfortably in the bullish territory and support prospects for additional gains. That said, oscillators on hourly charts are already flashing slightly overbought conditions and warrant some caution before positioning for any further appreciating move.

Hence, bulls are likely to wait for some follow-through buying beyond the $28.25-30 confluence hurdle. Sustained strength above has the potential to push the XAG/USD towards monthly tops, around the $28.75 region, en-route the $29.00 mark. The next relevant barrier is pegged near the $29.40-50 region ahead of the key $30.00 psychological mark.

On the flip side, the weekly trading range resistance breakpoint, around the $28.00-$27.90 region now seems to protect the immediate downside. Any subsequent decline might still be seen as a buying opportunity and remain limited near the overnight lows, around the $27.40 region, which should now act as a strong base for the XAG/USD.

XAG/USD daily chart


Technical levels to watch


Today last price 28.26
Today Daily Change 0.27
Today Daily Change % 0.96
Today daily open 27.99
Daily SMA20 27.83
Daily SMA50 26.79
Daily SMA100 26.55
Daily SMA200 25.72
Previous Daily High 28.03
Previous Daily Low 27.47
Previous Weekly High 28.56
Previous Weekly Low 27.01
Previous Monthly High 28.75
Previous Monthly Low 25.81
Daily Fibonacci 38.2% 27.82
Daily Fibonacci 61.8% 27.68
Daily Pivot Point S1 27.63
Daily Pivot Point S2 27.27
Daily Pivot Point S3 27.07
Daily Pivot Point R1 28.19
Daily Pivot Point R2 28.39
Daily Pivot Point R3 28.75



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD looks to 1.2200 amid weaker US Treasury yields, risk-on mood

EUR/USD is advancing towards 1.2200 amid the US dollar’s weakness on softer Treasury yields. Dovish Fed expectations continue to persist despite hotter US inflation. The euro benefits from the ECB’s progressive economic outlook.


GBP/USD: Upside remains capped below 1.4200 on disappointing UK GDP

GBP/USD is trading below 1.4200, keeping its range intact after the UK GDP missed estimates with 2.3% in April. The cable shrugs off a softer US dollar amid a cautious sentiment ahead of the G7 meeting and fresh chatters over a delay in the UK reopening.


Gold looks to retest May highs at $1913

Gold price is looking to extend Thursday’s stellar performance on the final trading day of this week, as the bulls briefly recapture the $1900 mark. Weakness in US dollar and Treasury yields motivate gold bulls.

Gold News

Shiba Inu price gains in jeopardy as it tags crucial support level

Shiba Inu price shows little to no connection with the crypto markets as it failed to rally on June 8. Additionally, SHIB continued to descend while most altcoins were on a rally, following Bitcoin.

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more