Silver Price Analysis: XAG/USD clings to $28.00 amid high US yields

📆 4/18/2024 6:29 PM
📰 FXStreetNews

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XAGUSD,Metals,Technical Analysis

Silver clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar.

Silver maintains modest gains supported by a still-bullish market sentiment despite high US Treasury yields. Technical outlook favorable as the Relative Strength Index indicates buying activity despite a slight dip. Potential resistance and breakout points set at $28.75 and $29.00, with eyes on surpassing the year-to-date high of $29.79. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.

A breach of the latter will expose the year-to-date high at $29.79 before challenging $30.00. Otherwise, Silver’s drop below $28.00 would give sellers the upper hand and expose key support levels. Firstly, the April 15 daily low at $27.59, followed by the confluence of the 50% Fibo retracement and the $27.00 figure. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 28.31 Today Daily Change 0.11 Today Daily Change % 0.39 Today daily open 28.2 Trends Daily SMA20 26.

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