SILVER PRICE ANALYSIS: XAG/USD REBOUNDS OFF FOUR-WEEK LOWS, SURPASSES $29.00... dari hagijeee

25 Jul 2024, 20:44 · Views 131

Silver at $29.22, up 0.40%; 'hammers' suggest strength above $29.00.
Rising RSI indicates increasing buyer momentum; resistances at $29.42, $29.83, $30.00.
Downside risks: support at $28.67, with further levels at 100-DMA ($28.34) and $28.00.

Silver's price stages a recovery after diving to four-week lows of $28.67. It climbs back above $29.00, registering gains of more than 0.40%, and trades at $29.22.

XAG/USD Price Analysis: Technical outlook

Technically speaking, XAG/USD has formed a back-to-back session of ‘hammers,’ with sellers unable to push Silver’s price below the $29.00 mark, opening the door for further upside.

Momentum shows that neither buyers nor sellers are in charge, but the recent uptick in the Relative Strength Index (RSI) is a sign that buyers are moving in.

If XAG/USD rallies above the July 22 high of $29.42, it could extend towards the July 19 peak at $29.83. A further upside is seen above that level, with the $30.00 mark lying overhead, before challenging the 50-day moving average (DMA) at $30.12. A breach of the latter will expose the July 17 high at $31.42.

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