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Silver Price Analysis: XAG/USD trims losses, remains bullish and clings above $30.00

  • Silver climbs 0.59%, trading at $30.30, recovering from near-weekly lows of $30.00.
  • Softer-than-expected US Durable Goods data and improved consumer sentiment support Silver prices.
  • RSI remains bullish, indicating strong buyer momentum despite exiting overbought conditions.

Silver prices trimmed some of Thursday’s losses yet remain near the weekly lows of $30.00; exchange hands at $30.30 are up 0.59% at the time of writing. The grey metal was boosted by softer-than-expected US Durable Goods data, while American consumer sentiment improved.

XAG/USD Price Analysis: Technical outlook

The grey metal is upward biased, and the XAG/USD clinging to gains above $30.00 could pave the way for further upside. After the Relative Strength Index (RSI) exited overbought conditions, it remains bullish and aiming up, hinting that the buyer's momentum remains strong.

With that said, the XAG/USD first resistance would be the May 23 high of $30.97. A breach of the latter will expose the $31.50 figure, followed by $32.00, and the year-to-date (YTD) high reached on May 20 at $32.51.

Conversely, XAG/USD's first support would be the $30.00 psychological level. If further weakness occurs, the next support level would be the April 12 high, now turned support, at $29.79, followed by $29.00. Additional key support levels include the May 18, 2021, high at $28.74 and the June 10, 2021, high at $28.28.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price30.36
Today Daily Change0.23
Today Daily Change %0.76
Today daily open30.13
 
Trends
Daily SMA2028.57
Daily SMA5027.39
Daily SMA10025.2
Daily SMA20024.25
 
Levels
Previous Daily High30.98
Previous Daily Low30.07
Previous Weekly High31.6
Previous Weekly Low27.97
Previous Monthly High29.8
Previous Monthly Low24.75
Daily Fibonacci 38.2%30.42
Daily Fibonacci 61.8%30.63
Daily Pivot Point S129.8
Daily Pivot Point S229.48
Daily Pivot Point S328.89
Daily Pivot Point R130.72
Daily Pivot Point R231.31
Daily Pivot Point R331.63

Author

Christian Borjon Valencia

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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