Silver Price Analysis: XAG/USD remains bullish, eyeing $29.00

XAG/USD climbs 3.61%, nearing $29.00 due to robust demand in the precious metals sector.
Technical analysis suggests further upside potential, with aims at the April 12 high of $29.79 and the key $30.00 level.
Key supports are at the May 18, 2021, high of $28.75, the June 10, 2021, high of $28.28, and the crucial $28.00 psychological level.

Christian Borjon Valencia FXStreet

Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level. At the time of writing, XAG/USD trades at $28.85, up by 3.61%.

XAG/USD Price Analysis: Technical outlook

Silver’s daily chart portrays the grey metal is bullish, shy of reclaiming the $29.00 handle. Once cleared, the next resistance would be the April 12 high of $29.79 before aiming toward the $30.00 threshold, last seen in February 2013. The next resistance would be February’s monthly high at $32.15.

Conversely, XAG/USD’s first support would be the May 18, 2021, high turned support at $28.75, followed by the June 10, 2021, high at $28.28. Once those two levels are surpassed, the $28.00 psychological level will be next.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	28.96
Today Daily Change	1.08
Today Daily Change %	3.87
Today daily open	27.88

Trends
Daily SMA20	26.1
Daily SMA50	24.34
Daily SMA100	23.95
Daily SMA200	23.6

Levels
Previous Daily High	29.8
Previous Daily Low	27.88
Previous Weekly High	29.8
Previous Weekly Low	26.88
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	28.61
Daily Fibonacci 61.8%	29.07
Daily Pivot Point S1	27.24
Daily Pivot Point S2	26.6
Daily Pivot Point S3	25.32
Daily Pivot Point R1	29.16
Daily Pivot Point R2	30.44
Daily Pivot Point R3	31.08

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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