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.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	29.68
Today Daily Change	1.06
Today Daily Change %	3.70
Today daily open	28.62

Trends
Daily SMA20	27.5
Daily SMA50	26.48
Daily SMA100	24.71
Daily SMA200	23.97

Levels
Previous Daily High	28.75
Previous Daily Low	28.1
Previous Weekly High	28.77
Previous Weekly Low	26.44
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	28.5
Daily Fibonacci 61.8%	28.34
Daily Pivot Point S1	28.23
Daily Pivot Point S2	27.84
Daily Pivot Point S3	27.58
Daily Pivot Point R1	28.88
Daily Pivot Point R2	29.14
Daily Pivot Point R3	29.52

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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