Silver Price Analysis: XAG/USD climbs more than 0.50%, eyes $30.00

Silver trades and gains 0.60% after touching a daily low of $29.35.
Momentum is neutral, with RSI around the 50-neutral line, suggesting buyers and sellers are balanced.
Key resistance at $30.25 and $31.54, with support levels at $29.05 and $28.66.

Christian Borjon Valencia FXStreet

Silver climbed during the North American session, gaining more than 0.60% amid thin trading liquidity conditions. Wall Street remained closed in observance of the Juneteenth holiday. The XAG/USD trades at $29.71 after hitting a daily low of $29.35.

XAG/USD Price Analysis: Technical analysis

The grey metal remains neutral to upward bias, despite diving from year-to-date (YTD) highs reached at $32.51, below the $30.00 figure. Silver seems to have bottomed after hitting a monthly low of $28.66; since then, XAG/USD edged higher, and it’s shy of challenging the $30.00 mark.

Momentum shows that neither buyers nor sellers are in charge, as the Relative Strength Index (RSI) hovers around the 50-neutral line.

The most likely scenario would be a bullish continuation if XAG/USD buyers reclaim $30.00, which could reignite Silver’s rally and pave the way for further upside. The next resistance level would be the June 12 high at $30.25, followed by the month-to-date (MTD) high of $31.54, the June 7 peak. A breach of the latter will expose the YTD high of $32.51.

On the other hand, if XAG/USD sellers drag spot prices below the 50-day moving average (DMA) at $29.05, it will expose $29.00. Once cleared, that could expose the MTD low of $28.66, ahead of plunging toward the 100-DMA at $26.60.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	29.71
Today Daily Change	0.17
Today Daily Change %	0.58
Today daily open	29.54

Trends
Daily SMA20	30.29
Daily SMA50	29.03
Daily SMA100	26.54
Daily SMA200	24.84

Levels
Previous Daily High	29.68
Previous Daily Low	28.93
Previous Weekly High	30.26
Previous Weekly Low	28.66
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.39
Daily Fibonacci 61.8%	29.22
Daily Pivot Point S1	29.09
Daily Pivot Point S2	28.63
Daily Pivot Point S3	28.33
Daily Pivot Point R1	29.84
Daily Pivot Point R2	30.14
Daily Pivot Point R3	30.59

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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