Silver Price Analysis: XAG/USD surges above $31.50 amid thin trading

Silver rallies over 4%, trading at $31.42 after rebounding from a low of $30.25 in thin liquidity.
Technicals indicate strong upward bias, with bullish RSI not yet overbought.
Key resistance levels: Psychological $32.00 figure, YTD high at $32.51, and $33.00 mark.
Key support levels: $31.00 figure, $30.50 psychological level, and May 23 low of $30.07.

Christian Borjon Valencia FXStreet

Silver prices rallied sharply on Monday, posting gains of more than 4%. At the time of writing, they were at $31.42. The grey metal bounced off daily lows of $30.25, capitalizing on thin liquidity conditions as Wall Street remained closed in observance of Memorial Day.

XAG/USD Price Analysis: Technical outlook

The daily chart suggests that Silver is upward-biased, yet it remains shy of testing the year-to-date (YTD) high of 32.51. Momentum supports buyers, as the Relative Strength Index (RSI) remains bullish though short of turning overbought.

With that said, the XAG/USD first resistance would be the psychological $32.00 figure. Once cleared, overhead resistance lies with the YTD high, followed by the $33.00 mark.

Conversely, the XAG/USD first support would be the $31.00 figure. Further losses lie below that demand area, like the $30.50 psychological level, followed by the May 23 low of $30.07.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	31.63
Today Daily Change	1.27
Today Daily Change %	4.18
Today daily open	30.36

Trends
Daily SMA20	28.72
Daily SMA50	27.5
Daily SMA100	25.27
Daily SMA200	24.29

Levels
Previous Daily High	30.62
Previous Daily Low	30.05
Previous Weekly High	32.51
Previous Weekly Low	30.05
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	30.4
Daily Fibonacci 61.8%	30.27
Daily Pivot Point S1	30.06
Daily Pivot Point S2	29.76
Daily Pivot Point S3	29.48
Daily Pivot Point R1	30.64
Daily Pivot Point R2	30.92
Daily Pivot Point R3	31.22

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.