Image Source: Pixabay
Silver soared sharply and finished the week with gains near 10%, hitting three-year highs after reaching levels last seen in June of 2021. At the time of writing, the XAG/USD currency cross was seen trading at around $27.45 a troy ounce, gaining more than 2%.The precious metals segment ignored an upbeat US jobs report that might delay the Federal Reserve from slashing rates in the June meeting. According to the CME FedWatch Tool, market participants decreased their bets on a quarter-percentage-point rate cut in June, though July still remains in play. Silver followed gold’s path, though the latter was still trading at all-time highs.
XAG/USD Price Analysis: Technical Outlook
The daily chart shows silver dipped as low as $26.29 after the US NFP release, but, in the aftermath, the grey metal rallied to multi-year highs. The Relative Strength Index (RSI), despite being at overbought conditions, aimed upwards, an indication that buyers were perhaps gathering momentum.That said, the next resistance for the XAG/USD duo would be the $27.50 figure, followed by the $28.00 psychological mark. Key resistance was seen at the June 10, 2021 high at $28.28.On the other hand, if the RSI punches below the 70 level in the coming days, such a move could sponsor a pullback toward the $27.00 figure. The next support would be the May 5, 2023 high turned support at $26.12, followed by the $26.00 figure.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
More By This Author:AUD/USD Modestly Gains During Friday’s Asian Session, Traders Eye US NFPGBP/JPY Price Analysis: Held Steady Around 191.00 Amid Thin Liquidity ConditionsEUR/USD Holds Steady As Core PCE Meets Expectations
