SILVER PRICE ANALYSIS: XAG/USD SKYROCKETS OVER 3% AND SURPASSES $30.00... dari hagijeee

23 Jun 2024, 17:21 · Views 49

Silver climbs over 3%, despite higher US Treasury yields and a stronger US Dollar.
Technical outlook shows bullish bias with momentum favoring buyers; RSI aims higher above the 50-neutral line.
Key resistance levels: $31.54 (June 7 high) and $32.00, with YTD high at $32.51 in sight.
Support levels at $29.09 (50-DMA) and $28.66 (MTD low).

Silver price rallied sharply for the second straight day and climbed past $30.00 on Thursday amid elevated US Treasury bond yields and a stronger US Dollar. The grey metal trades at $30.68 up by more than 3%.

XAG/USD Price Analysis: Technical outlook

Silver remains bullish biased and after consolidating during the last six days within the $28.60-$29.80, it has finally cleared the top of the range and surged past the $30.00 figure.

Momentum shifted in favor of the buyers after the Relative Strength Index (RSI) stood at around the 50-neutral line.

As XAG/USD resumed its uptrend, the next resistance level would be June 7 high at $31.54. Once cleared, the next stop would be $32.00 before challenging the year-to-date (YTD) high of $32.51.

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