Silver Price Forecast: XAG/USD pulls back from YTD highs, hovers around $27.00


  • Silver price could meet the major support of $26.50 level.
  • Technical analysis suggests confirmation of the bullish sentiment.
  • The immediate resistance zone appears around the year-to-date high of $27.33, the highest level since June 2021, and the major level of $27.50.

Silver price (XAG/USD) attempts to snap its five-day winning streak, retreating from the year-to-date highs and trading near $27.00 per troy ounce during early European hours on Thursday. The price of the Silver received upward support as the US Dollar lost ground due to the dovish sentiment surrounding the Federal Reserve’s (Fed) interest rates trajectory.

Silver price could find key support around the major level of $26.50, following the psychological level of $26.00, in conjunction with the 23.6% Fibonacci retracement level at $25.94. A break below this level could exert downward pressure on navigating the region around a major support level at $25.50 and the 14-Exponential Moving Average (EMA) at $25.43.

Technical analysis suggests a bullish confirmation for the Silver price. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating strength in buying momentum. Additionally, the Moving Average Convergence Divergence (MACD) shows a divergence above the signal line and remains above the centerline.

On the upside, the year-to-date high of $27.33 could act as an immediate resistance, followed by the major level at $27.50. A breakthrough above the latter could lead the Silver price to explore the region around the psychological level of $28.00.

XAG/USD: Daily Chart

(This story was corrected on April 4 at 09:35 GMT to say that the immediate resistance zone is around the year-to-date high of $27.33, not an all-time high. It was also corrected to say that $27.5 is a major level, not a support level)

XAG/USD

Overview
Today last price 27.06
Today Daily Change -0.11
Today Daily Change % -0.40
Today daily open 27.17
 
Trends
Daily SMA20 24.93
Daily SMA50 23.66
Daily SMA100 23.66
Daily SMA200 23.42
 
Levels
Previous Daily High 27.19
Previous Daily Low 26.12
Previous Weekly High 25
Previous Weekly Low 24.33
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 26.78
Daily Fibonacci 61.8% 26.53
Daily Pivot Point S1 26.47
Daily Pivot Point S2 25.76
Daily Pivot Point S3 25.4
Daily Pivot Point R1 27.54
Daily Pivot Point R2 27.9
Daily Pivot Point R3 28.61

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0650 after upbeat US data

EUR/USD retreats below 1.0650 after upbeat US data

EUR/USD lost its traction and declined below 1.0650 in the early American session on Monday. The upbeat Retail Sales data from the US helped the US Dollar regather its strength and caused the pair to turn south.

EUR/USD News

USD/JPY sits at multi-decade high near 154.00 as Japan's intervention risks loom

USD/JPY sits at multi-decade high near 154.00 as Japan's intervention risks loom

USD/JPY is sitting at multi-decade highs shy of 154.00 in the European session on Monday. The Japanese Yen continues to be undermined by the BoJ’s uncertain outlook about future rate hikes. Intervention fears and persistent geopolitical tensions could help limit losses for the safe-haven JPY. 

USD/JPY News

Gold continues to fluctuate at around $2,350

Gold continues to fluctuate at around $2,350

Following a bullish opening to the week, Gold went into a consolidation phase at around $2,350 on Monday. The benchmark 10-year US Treasury bond yield is up nearly 2% after strong US data, not allowing XAU/USD to push higher.

Gold News

XRP price recovers from nearly eleven month low of $0.41 as developers propose native lending on XRPLedger

XRP price recovers from nearly eleven month low of $0.41 as developers propose native lending on XRPLedger

Ripple price recovered from weekend low of $0.4188, surged past $0.50 on Monday. XRPLedger developers have proposed a Native Lending Protocol to help Ripple establish a foothold in DeFi, lending and borrowing for users. 

Read more

Week ahead: Data from the US, UK and Canada in focus

Week ahead: Data from the US, UK and Canada in focus

Similar to Fed and ECB pricing, swaps traders have scaled back bets of rate cuts for the Bank of England (BoE’s) Bank Rate to below 50bps for the year.

Read more

Forex MAJORS

Cryptocurrencies

Signatures