Silver Price Analysis: XAG/USD dips below $27.00 after hitting multi-year high

Silver pulls back from $27.33 amid geopolitical concerns, market caution.
Bullish trend holds, with supports at $25.91, $25.08.
Rebound above $27.00 may target recent high, with eyes on $28.00, subject to market shifts.

Christian Borjon Valencia FXStreet

Silver’s retreats after hitting a two-and-a-half-year high of $27.33 amid growing speculations of geopolitical risks due to Israel’s attack on Iran’s embassy in Syria. That has triggered a late risk-off impulse, which is weighing on the precious metals, including Gold. The XAG/USD is down more than 1% and trades at $26.84.

XAG/USD Price Analysis: Technical outlook

Silver’s remain upward biased as depicted by successive series of higher highs and higher lows, despite retreating as of writing. If sellers would like to regain control, they must drag XAG/USD’s prices toward the December 4 high turned support at $25.91. Once surpassed, the next stop would be the April 2 low at $25.08 before plummeting toward March 27’s low of $24.33.

On the other hand, if buyers push Silver’s spot price above $27.00, look for a re-test of the year-to-date (YTD) high at $27.33 before rallying to $28.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	26.82
Today Daily Change	-0.35
Today Daily Change %	-1.29
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

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.