Silver Price Analysis: XAG/USD hits a four-week high but retreats as gravestone doji emerges

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.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	24.29
Today Daily Change	0.02
Today Daily Change %	0.08
Today daily open	24.27

Trends
Daily SMA20	23.57
Daily SMA50	24.49
Daily SMA100	23.35
Daily SMA200	22.23

Levels
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

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.

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