Silver's price moved higher late in the North American session due to lower US Treasury yields and a softer US Dollar.
Silver rises 1.32% to $28.57, buoyed by lower US Treasury yields and a weakening dollar. XAG/USD shows strong upward trend within $28.00-$28.80 range, up from early May low of $26.02. To maintain momentum, silver aims to breach $29.00, targeting YTD high of $29.79 and $30.00. Support at $28.00; further supports at 38.2% Fib retracement and 50% Fib . Silver's price moved higher late in the North American session due to lower US Treasury yields and a softer US Dollar.
’ Momentum favors buyers, with the Relative Strength Index 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 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.
XAGUSD Metals Technical Analysis Silver
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