Silver Price Analysis: XAG/USD escalates to eight-day high surpasses $30.00

• Silver climbs to $30.66, an eight-day peak, surpassing the $30.00 resistance.
• Technicals indicate a strong upward trend, with XAG/USD exiting a descending channel.
• Resistance levels: $30.84 (June 21 high), $32.51 (YTD high).
• Support points: $30.00, $29.48 (July 3 low), $29.00, $28.57 (June 26 low), $27.59 (April 15 low).

Silver price surged on Wednesday and, on its way north, cleared the key resistance trendline seen passing at around $30.00, which underpinned the grey metal to an eight-day high of $30.66. As the Asian session begins, the XAG/USD trades at $30.44, virtually unchanged.

XAG/USD Price Analysis: Technical outlook

Silver's upward trend is still in place, with the non-yielding metal clearing the top of a descending channel, which opens the door for further upside. Buyers remain hopeful that the 'double bottom' chart pattern will be confirmed as they eye the next possible upside target at $30.84, the June 21 cycle high. Once hurdle, up next would be the year-to-date (YTD) high of $32.51.

On the downside, if XAG/USD drops below $30.00, the next support level would be the July 3 low of $29.48, ahead of $29.00. Further losses are seen once Silver clears the June 26 low at $28.57. Falling below this level could lead to a decline towards the April 15 swing low of $27.59.

XAG/USD Price Action – Daily Chart