- Silver price hits a four-week high at $24.52 but retraces to $24.26.
- For bullish continuation, XAG/USD must breach $24.49 resistance, opening the path to $25.00 per troy ounce.
- XAG/USD’s failure to crack $24.49 could lead to further losses, with potential dips to $24.01 and $23.63.
Silver price reaches a new four-week high but retraces from those levels to finish the day, forming a gravestone doji, suggesting neither buyers nor sellers win the battle, which would continue into the following week. Therefore, the XAG/USD finished the week trading at $24.26 after hitting a daily high of $24.52.
XAG/USD Price Analysis: Technical outlook
The XAG/USD daily chart portrays the pair as neutral-biased in the near term. Although the daily EMAs sit beneath Silver’s spot price, XAG/USD’s failure to break market structure above the April 25 low turned resistance at $24.49 would likely keep Silver’s price depressed. Nevertheless, real news like the Federal Reserve (Fed) monetary policy decision on Wednesday could give direction after printing a doji on the latest day of the week.
For a bullish continuation, XAG/USD must reclaim $24.49, which could put into play the $25.00 figure per troy ounce in play. A breach of the latter will expose the May 11 high at $25.47 before challenging May 10 daily high at $25.91.
XAG/USD’s failure to break $24.49 could pave the way for further losses. The XAG/USD could dive towards the June 2 daily high at $24.01, followed by the June 8 low at $23.63, ahead of dropping toward $23.50.
XAG/USD Price Action – Daily chart
|Today last price||24.29|
|Today Daily Change||0.02|
|Today Daily Change %||0.08|
|Today daily open||24.27|
|Previous Daily High||24.36|
|Previous Daily Low||23.43|
|Previous Weekly High||24.02|
|Previous Weekly Low||22.93|
|Previous Monthly High||26.14|
|Previous Monthly Low||22.68|
|Daily Fibonacci 38.2%||24|
|Daily Fibonacci 61.8%||23.79|
|Daily Pivot Point S1||23.68|
|Daily Pivot Point S2||23.09|
|Daily Pivot Point S3||22.76|
|Daily Pivot Point R1||24.61|
|Daily Pivot Point R2||24.94|
|Daily Pivot Point R3||25.53|
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