Silver Price Analysis: XAG/USD dips below $27.00 after hitting multi-year high
- Silver pulls back from $27.33 amid geopolitical concerns, market caution.
- Bullish trend holds, with supports at $25.91, $25.08.
- Rebound above $27.00 may target recent high, with eyes on $28.00, subject to market shifts.
Silver’s retreats after hitting a two-and-a-half-year high of $27.33 amid growing speculations of geopolitical risks due to Israel’s attack on Iran’s embassy in Syria. That has triggered a late risk-off impulse, which is weighing on the precious metals, including Gold. The XAG/USD is down more than 1% and trades at $26.84.
XAG/USD Price Analysis: Technical outlook
Silver’s remain upward biased as depicted by successive series of higher highs and higher lows, despite retreating as of writing. If sellers would like to regain control, they must drag XAG/USD’s prices toward the December 4 high turned support at $25.91. Once surpassed, the next stop would be the April 2 low at $25.08 before plummeting toward March 27’s low of $24.33.
On the other hand, if buyers push Silver’s spot price above $27.00, look for a re-test of the year-to-date (YTD) high at $27.33 before rallying to $28.00.
XAG/USD Price Action – Daily Chart
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
