Silver [https://www.fxstreet.com/rates-charts/xagusd] prices rallied sharply on Monday, posting gains of more than 4%. At the time of writing, they were at $31.42. The grey metal bounced off daily lows of $30.25, capitalizing on thin liquidity conditions as Wall Street remained closed in observance of Memorial Day.
XAG/USD PRICE ANALYSIS: TECHNICAL OUTLOOK
The daily chart suggests that Silver is upward-biased, yet it remains shy of testing the year-to-date (YTD) high of 32.51. Momentum supports buyers, as the Relative Strength Index (RSI) remains bullish though short of turning overbought.
With that said, the XAG/USD first resistance would be the psychological $32.00 figure. Once cleared, overhead resistance lies with the YTD high, followed by the $33.00 mark.
Conversely, the XAG/USD first support would be the $31.00 figure. Further losses lie below that demand area, like the $30.50 psychological level, followed by the May 23 low of $30.07.
XAG/USD PRICE ACTION – DAILY CHART
Sharing: Actualités d’argent, [https://www.fxstreet.com/news] | 27/05/2024 22:36:07 GMT| Par Christian Borjon Valencia[/author/christian-borjon-valencia]
L’argent a bondi de plus de 4 % lundi, se négociant à 31,42 $. Le métal gris rebondit après avoir touché des creux quotidiens à 30,25 $, profitant des conditions de liquidité faible alors que Wall Street restait fermée en observance du Memorial Day.
