Silver Price Analysis: XAG/USD test key resistance levels amid uptrends

Silver dips to $26.54, down 0.43%; 'dragonfly doji' hints at possible uptrend.
Finds support at 61.8% Fibonacci level ($26.41); crossing $27.00 could boost bullish momentum.
Downside risk if below May 2 low of $26.02, aiming for 50-day MA at $25.79.

Christian Borjon Valencia FXStreet

Silver price uptrend continued during the week despite registering losses of around 2.40%. Nevertheless, May 2’s price action forming a ‘dragonfly doji,’ a bullish candle, alongside technical indicators suggesting that the grey metal remains bullish, could pave the way for a recovery. At the time of writing, XAG/USD trades at $26.54, down 0.43%.

XAG/USD Price Analysis: Technical outlook

As previously mentioned, Silver remains bullishly biased after posting an impressive rally that passed the $29.00 mark. It appears to have bottomed out at around the 61.8% Fibonacci retracement at $26.41, though buyers had been unable to test the $27.00 mark.

Although momentum had shifted bearishly, with the Relative Strength Index (RSI) diving below the 50-midline, upside risks remain. If buyers reclaim the $27.00 figure, that could reignite buying pressure and pave the way to challenge the next resistance level seen at the 38.2% Fibo retracement at $27.70. Once surpassed, the next step would be the 23.6% Fibo retracement at $28.49.

Nevertheless, with the RSI standing at bearish territory, sellers need to push prices below the May 2 low of $26.02. Once cleared the next stop would be the 50-day moving average (DMA) at $25.79, followed by the 78.6% Fibo retracement at $25.50.

XAU/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	26.54
Today Daily Change	-0.14
Today Daily Change %	-0.52
Today daily open	26.68

Trends
Daily SMA20	27.65
Daily SMA50	25.7
Daily SMA100	24.42
Daily SMA200	23.82

Levels
Previous Daily High	26.82
Previous Daily Low	26.02
Previous Weekly High	28.69
Previous Weekly Low	26.67
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	26.51
Daily Fibonacci 61.8%	26.32
Daily Pivot Point S1	26.19
Daily Pivot Point S2	25.7
Daily Pivot Point S3	25.39
Daily Pivot Point R1	27
Daily Pivot Point R2	27.31
Daily Pivot Point R3	27.8

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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