Silver Price Analysis: XAG/USD’s uptrend remains intact, as bullish harami looms

Silver stable at $26.64 after Fed holds rates steady, per Chair Powell's data-driven stance.
Technicals: Silver rebounds from $26.27 low, eyes $27.00 resistance.
Silver hints at bullish trend; breakout above $27.14 could reinforce this.
Bearish shift requires silver below $26.13, targeting lower supports.

Christian Borjon Valencia FXStreet

Silver's price stayed firm at around $26.64 after the Fed decided to hold rates unchanged and Powell’s press conference. Fed Chair Jerome Powell said they would remain data-dependent, decide meeting by meeting, and won’t cut rates until they’re confident that inflation is trending towards its 2% goal.

XAG/USD Price Analysis: Technical outlook

The grey metal dipped below the 61.8% Fibonacci retracement at $26.41, hitting a two-week low of $26.27 before resuming its uptrend. Although Silver reached a daily high of $26.96, buyers lacked the strength to break above the $27.00 figure, which paved the way to retreat to current price levels.

The XAG/USD is upward biased despite going through a pullback that sent prices from around $29.79 to $26.27. For sellers to shift the bias to bearish, they would need to push the spot price below the May 5 high at $26.13, which would pave the way toward $26.00 and below.

On the flip side, and the most likely scenario, if XAG/USD achieves a daily close at around the current level, a ‘bullish harami’ and a two-candle chart pattern will form. This usually would be bullish for the asset, but buyers must crack the April 30 high at $27.14, before resuming its uptrend.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	26.63
Today Daily Change	0.33
Today Daily Change %	1.25
Today daily open	26.3

Trends
Daily SMA20	27.68
Daily SMA50	25.55
Daily SMA100	24.35
Daily SMA200	23.8

Levels
Previous Daily High	27.14
Previous Daily Low	26.26
Previous Weekly High	28.69
Previous Weekly Low	26.67
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	26.59
Daily Fibonacci 61.8%	26.8
Daily Pivot Point S1	25.99
Daily Pivot Point S2	25.68
Daily Pivot Point S3	25.1
Daily Pivot Point R1	26.87
Daily Pivot Point R2	27.45
Daily Pivot Point R3	27.76

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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