silver’s price moved higher late in the north american session due to lower us treasury yields and a softer us dollar. although the latest inflation figures in the us were higher than expected, the non-yielding metal climbed. the xag/usd trades at $28.57, gains 1.32%.
xag/usd price analysis: technical outlook
during the last three days, silver has been seesawing within the $28.00-$28.80 range after registering exponential gains since may 2, which brought the grey metal’s price from around $26.02 to current spot prices.
xag/usd is upward biased, though is at the brisk of forming a ‘double top.’ momentum favors buyers, with the relative strength index (rsi) standing at bullish territory.
for a bullish continuation, buyers need to reclaim the $29.00 psychological figure. once cleared, the next stop would be the year-to-date (ytd) high at $29.79, followed by the $30.00 mark.
conversely, if sellers stepped in and pushed prices below $28.00, look for further losses. the first demand zone would be the 38.2% fib retracement at $27.70. a breach of the latter will expose the 50% fib retracement at $27.06.
xag/usd price action – daily chart
