- Analytics
- News and Tools
- Market News
- Silver Price Analysis: XAG/USD rallies sharply as bulls’ target $30.00
Silver Price Analysis: XAG/USD rallies sharply as bulls’ target $30.00
- Silver trades at $29.73, up over 3.80% after softer US CPI report.
- XAG/USD must surpass $29.79 and $30.00 for bullish momentum to continue.
- Key supports at $28.75 and $28.00 if prices fall below $29.00.
Silver’s rally continued Wednesday after a softer-than-expected Consumer Price Index (CPI) report in the United States (US) sent US yields tumbling, a tailwind for the precious metal. The XAG/USD trades at $29.73, up by more than 3.80% on the day.
XAG/USD Price Analysis: Technical outlook
Silver’s price surpassed the $29.00 and $29.50 psychological levels yet remains shy of cracking the year-to-date (YTD) high of $29.79. That left a double top looming, but momentum favors the buyers, as depicted by the Relative Strength Index (RSI).
The XAG/USD must clear the YTD high and the $30.00 psychological level for a bullish continuation. A breach of those levels will expose the February 2013 high at $32.15, followed by the October 2012 high at $35.40.
On the other hand, sellers need to drag Silver’s price below the $29.00 figure. In that outcome, the pull back could get to the May 18, 2021, high turned support at $28.75, followed by the $28.00 mark. Further losses lie below the latter, with key support seen at $27.00.
XAG/USD Price Action – Daily Chart
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
