Silver Price Analysis: XAG/USD edges up yet remains below $32.00

Silver is up 0.47%, just below Monday's eight-year high of $32.51.
Strong upward momentum continues; RSI suggests further gains possible despite overbought conditions.
Resistance levels at $32.51, $33.00, and October 2012 high of $35.40.
Supports at May 20 low of $30.95, April 12 high of $29.79, and $28.00 psychological level.

Christian Borjon Valencia FXStreet

Silver's price advanced 0.47% on Tuesday but remains trading below a significant eight-year high reached on Monday at $32.51. At the time of writing, the XAG/USD is at $31.96 after hitting a daily low of $31.80.

XAG/USD Price Analysis: Technical outlook

The grey metal remains upward biased even though it failed to crack the year-to-date (YTD) high of $32.51. Although the Relative Strength Index (RSI) is overbought, momentum is on the side of the buyers. Due to the uptrend's strength and speed, RSI remains shy of reaching overbought levels under strong trending conditions. In a strong uptrend, the RSI is considered overbought at 80.00.

With that said, if XAG/USD clears $32.51, further upside is seen as Silver’s next resistance emerges at $33.00. A breach of the latter could expose October’s 2012 high of $35.40.

Conversely, if Silver drops below the May 20 daily low of $30.95, further losses lie ahead. The next demand zone would be the April 12 high of $29.79, followed by the psychological figure of $28.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	31.98
Today Daily Change	0.16
Today Daily Change %	0.50
Today daily open	31.82

Trends
Daily SMA20	28.02
Daily SMA50	27
Daily SMA100	24.97
Daily SMA200	24.13

Levels
Previous Daily High	32.51
Previous Daily Low	30.95
Previous Weekly High	31.6
Previous Weekly Low	27.97
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	31.92
Daily Fibonacci 61.8%	31.55
Daily Pivot Point S1	31.01
Daily Pivot Point S2	30.19
Daily Pivot Point S3	29.44
Daily Pivot Point R1	32.57
Daily Pivot Point R2	33.33
Daily Pivot Point R3	34.14

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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