Silver Price Analysis: XAG/USD’s uptrend remains intact, as bullish harami looms
01.05.2024, 21:44

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.

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

 

 

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