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.
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
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.
