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On Friday, silver prices trimmed some of Thursday’s losses. However, the grey metal remained near the weekly lows of $30.00, as it exchanged hands at $30.30, up 0.59% at the time of writing. Silver was boosted by softer-than-expected US Durable Goods data, while American consumer sentiment improved.
XAG/USD Price Analysis: Technical Outlook
The grey metal appeared to maintain an upward bias, and the XAG/USD cross was seen clinging to gains above $30.00. Such a move could pave the way for further upside. After the Relative Strength Index (RSI) exited overbought conditions, it remained bullish and aiming upwards, hinting that buyers’ momentum remained strong.With that said, the first resistance level for the XAG/USD cross would be the May 23 high of $30.97. A breach of the latter would expose the $31.50 figure, followed by $32.00, and the year-to-date high reached on May 20 at $32.51.Conversely, XAG/USD’s first support would be the $30.00 psychological level. If further weakness occurs in the coming days, the next support level would be the April 12 high- turned-support at $29.79, followed by the $29.00 level. Additional key support levels include the May 18, 2021 high at $28.74 and the June 10, 2021 high at $28.28.
XAG/USD Price Action – Daily Chart
XAG/USD Technical Levels
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