Silver Price Analysis: XAG/USD wavers, clings to gains above $28.00

Silver edges higher, showing resilience with a 0.50% gain, yet faces tough resistance near $28.74.
Technical analysis suggests potential pullback risks with $28.00 as a pivotal level; further support at $27.59 and $27.00.
Upside momentum could resume if prices surpass $28.28, targeting higher resistance points at $28.74 and potentially $29.00.

Christian Borjon Valencia FXStreet

Silver’s prices remain in positive territory but continued to register higher tails in the daily chart, signaling buyers' failure to commit to higher prices above the May 18, 2021, high of $28.74. At the time of writing, XAG/USD trades at $28.21 and gains 0.50%.

XAG/USD Price Analysis: Technical outlook

The daily chart depicts the grey metal as upward biased even though it’s retreating below the crucial resistance level, exposing the significant $28.00 figure. Once that level is cleared, it could potentially lead to a significant shift in the market dynamics. Silver’s next support would be the April 15 low of $27.59 ahead of $27.00. Once that level is taken out, the next demand zone would be the December 4, 2023, high turned support at $25.91.

On the other hand, if buyers lift XAG/USD prices back above June 10, 2021, high at $28.28, it could clear the path to test $28.74. A breach of the latter will expose $29.00, followed by the year-to-date (YTD) high at $29.79.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	28.2
Today Daily Change	0.10
Today Daily Change %	0.36
Today daily open	28.1

Trends
Daily SMA20	26.44
Daily SMA50	24.58
Daily SMA100	24.03
Daily SMA200	23.65

Levels
Previous Daily High	29.02
Previous Daily Low	27.95
Previous Weekly High	29.8
Previous Weekly Low	26.88
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	28.36
Daily Fibonacci 61.8%	28.61
Daily Pivot Point S1	27.7
Daily Pivot Point S2	27.3
Daily Pivot Point S3	26.64
Daily Pivot Point R1	28.76
Daily Pivot Point R2	29.42
Daily Pivot Point R3	29.82

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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