Silver Price Analysis: XAG/USD skyrockets over 3% and surpasses $30.00

Silver climbs over 3%, despite higher US Treasury yields and a stronger US Dollar.
Technical outlook shows bullish bias with momentum favoring buyers; RSI aims higher above the 50-neutral line.
Key resistance levels: $31.54 (June 7 high) and $32.00, with YTD high at $32.51 in sight.
Support levels at $29.09 (50-DMA) and $28.66 (MTD low).

Christian Borjon Valencia FXStreet

Silver price rallied sharply for the second straight day and climbed past $30.00 on Thursday amid elevated US Treasury bond yields and a stronger US Dollar. The grey metal trades at $30.68 up by more than 3%.

XAG/USD Price Analysis: Technical outlook

Silver remains bullish biased and after consolidating during the last six days within the $28.60-$29.80, it has finally cleared the top of the range and surged past the $30.00 figure.

Momentum shifted in favor of the buyers after the Relative Strength Index (RSI) stood at around the 50-neutral line.

As XAG/USD resumed its uptrend, the next resistance level would be June 7 high at $31.54. Once cleared, the next stop would be $32.00 before challenging the year-to-date (YTD) high of $32.51.

On the other hand, if XAG/USD sellers drag spot prices below the 50-day moving average (DMA) at $29.09, it will expose $29.00. Once cleared, that could expose the MTD low of $28.66, ahead of plunging toward the 100-DMA at $26.60.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	30.73
Today Daily Change	1.02
Today Daily Change %	3.43
Today daily open	29.71

Trends
Daily SMA20	30.23
Daily SMA50	29.07
Daily SMA100	26.6
Daily SMA200	24.88

Levels
Previous Daily High	29.74
Previous Daily Low	29.34
Previous Weekly High	30.26
Previous Weekly Low	28.66
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.59
Daily Fibonacci 61.8%	29.5
Daily Pivot Point S1	29.45
Daily Pivot Point S2	29.2
Daily Pivot Point S3	29.05
Daily Pivot Point R1	29.85
Daily Pivot Point R2	30
Daily Pivot Point R3	30.25

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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