Silver Price Analysis: XAG/USD peaks to new three-year high above $27.00

Silver's surge to multi-year highs reflects strong precious metals momentum, undeterred by US job market.
Technical outlook hints at more gains, with resistances at $27.50, $28.00.
RSI dip may prompt support tests at $27.00, $26.12 for future direction clues.

Christian Borjon Valencia FXStreet

Silver soared sharply and finished the week with gains of close to 10%, hitting three-year highs after reaching levels last seen in June 2021. At the time of writing, XAG/USD trades at $27.45 a troy ounce, gaining more than 2%.

The precious metals segment ignored an upbeat US jobs report that might delay the Federal Reserve from slashing rates in the June meeting. According to the CME FedWatch Tool, market participants decreased their bets on a quarter-percentage-point rate cut in June, though July remains in play. Silver followed Gold’s path, though the latter is trading at all-time highs.

XAG/USD Price Analysis: Technical outlook

The grey metal daily chart shows Silver dipped as low as $26.29 after the US NFP release but, in the aftermath, rallied to multi-year highs. The Relative Strength Index (RSI) despite being at overbought conditions, aims up, an indication that buyers are gathering momentum. That said, XAG/USD next resistance would be $27.50, followed by the $28.00 psychological mark. Key resistance lies at June 10, 2021, high at $28.28.

On the other hand, if the RSI punches below the 70 level, that could sponsor a pullback, toward the $27.00 figure. The next support would be the May 5, 2023 high turned support at $26.12, followed by the $26.00 figure.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	27.48
Today Daily Change	0.56
Today Daily Change %	2.08
Today daily open	26.92

Trends
Daily SMA20	25.07
Daily SMA50	23.75
Daily SMA100	23.7
Daily SMA200	23.45

Levels
Previous Daily High	27.3
Previous Daily Low	26.68
Previous Weekly High	25
Previous Weekly Low	24.33
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	26.92
Daily Fibonacci 61.8%	27.06
Daily Pivot Point S1	26.63
Daily Pivot Point S2	26.35
Daily Pivot Point S3	26.01
Daily Pivot Point R1	27.25
Daily Pivot Point R2	27.59
Daily Pivot Point R3	27.87

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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