Silver Price Analysis: XAG/USD clings to $28.00 amid high US yields

Silver maintains modest gains supported by a still-bullish market sentiment despite high US Treasury yields.
Technical outlook favorable as the Relative Strength Index (RSI) indicates buying activity despite a slight dip.
Potential resistance and breakout points set at $28.75 and $29.00, with eyes on surpassing the year-to-date high of $29.79.

Christian Borjon Valencia FXStreet

Silver clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.

XAG/USD Price Analysis: Technical outlook

The grey metal continues to hold to the $28.00 threshold, while the Relative Strength Index (RSI) continues to edge lower. One could assume that buyers are taking a respite as the RSI edges lower, but it remains above the latest through of 54.00. With that said, Silver remains upward-biased as momentum favors bulls.

If XAG/USD buyers reclaim the May 18, 2021, daily high at $28.75, they could challenge $29.00. A breach of the latter will expose the year-to-date (YTD) high at $29.79 before challenging $30.00.

Otherwise, Silver’s drop below $28.00 would give sellers the upper hand and expose key support levels. Firstly, the April 15 daily low at $27.59, followed by the confluence of the 50% Fibo retracement and the $27.00 figure.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	28.31
Today Daily Change	0.11
Today Daily Change %	0.39
Today daily open	28.2

Trends
Daily SMA20	26.6
Daily SMA50	24.7
Daily SMA100	24.07
Daily SMA200	23.68

Levels
Previous Daily High	28.8
Previous Daily Low	28.08
Previous Weekly High	29.8
Previous Weekly Low	26.88
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	28.53
Daily Fibonacci 61.8%	28.36
Daily Pivot Point S1	27.92
Daily Pivot Point S2	27.64
Daily Pivot Point S3	27.19
Daily Pivot Point R1	28.64
Daily Pivot Point R2	29.09
Daily Pivot Point R3	29.37

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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