Silver Price Analysis: XAG/USD trims losses, remains bullish and clings above $30.00

Silver climbs 0.59%, trading at $30.30, recovering from near-weekly lows of $30.00.
Softer-than-expected US Durable Goods data and improved consumer sentiment support Silver prices.
RSI remains bullish, indicating strong buyer momentum despite exiting overbought conditions.

Christian Borjon Valencia FXStreet

Silver prices trimmed some of Thursday’s losses yet remain near the weekly lows of $30.00; exchange hands at $30.30 are up 0.59% at the time of writing. The grey metal was boosted by softer-than-expected US Durable Goods data, while American consumer sentiment improved.

XAG/USD Price Analysis: Technical outlook

The grey metal is upward biased, and the XAG/USD clinging to gains above $30.00 could pave the way for further upside. After the Relative Strength Index (RSI) exited overbought conditions, it remains bullish and aiming up, hinting that the buyer's momentum remains strong.

With that said, the XAG/USD first resistance would be the May 23 high of $30.97. A breach of the latter will expose the $31.50 figure, followed by $32.00, and the year-to-date (YTD) high reached on May 20 at $32.51.

Conversely, XAG/USD's first support would be the $30.00 psychological level. If further weakness occurs, the next support level would be the April 12 high, now turned support, at $29.79, followed by $29.00. Additional key support levels include the May 18, 2021, high at $28.74 and the June 10, 2021, high at $28.28.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	30.36
Today Daily Change	0.23
Today Daily Change %	0.76
Today daily open	30.13

Trends
Daily SMA20	28.57
Daily SMA50	27.39
Daily SMA100	25.2
Daily SMA200	24.25

Levels
Previous Daily High	30.98
Previous Daily Low	30.07
Previous Weekly High	31.6
Previous Weekly Low	27.97
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	30.42
Daily Fibonacci 61.8%	30.63
Daily Pivot Point S1	29.8
Daily Pivot Point S2	29.48
Daily Pivot Point S3	28.89
Daily Pivot Point R1	30.72
Daily Pivot Point R2	31.31
Daily Pivot Point R3	31.63

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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