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.

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