The post XAG/USD skyrockets over 3% and surpasses $30.00 appeared on BitcoinEthereumNews.com.

Silver climbs over 3%, despite higher US Treasury yields and a stronger US Dollar. Technical outlook shows bullish bias with momentum favoring buyers; RSI aims higher above the 50-neutral line. Key resistance levels: $31.54 (June 7 high) and $32.00, with YTD high at $32.51 in sight. Support levels at $29.09 (50-DMA) and $28.66 (MTD low). Silver price rallied sharply for the second straight day and climbed past $30.00 on Thursday amid elevated US Treasury bond yields and a stronger US Dollar. The grey metal trades at $30.68 up by more than 3%. XAG/USD Price Analysis: Technical outlook Silver remains bullish biased and after consolidating during the last six days within the $28.60-$29.80, it has finally cleared the top of the range and surged past the $30.00 figure. Momentum shifted in favor of the buyers after the Relative Strength Index (RSI) stood at around the 50-neutral line. As XAG/USD resumed its uptrend, the next resistance level would be June 7 high at $31.54. Once cleared, the next stop would be $32.00 before challenging the year-to-date (YTD) high of $32.51. On the other hand, if XAG/USD sellers drag spot prices below the 50-day moving average (DMA) at $29.09, it will expose $29.00. Once cleared, that could expose the MTD low of $28.66, ahead of plunging toward the 100-DMA at $26.60. XAG/USD Price Action – Daily Chart   Source: https://www.fxstreet.com/news/silver-price-analysis-xag-usd-skyrockets-over-3-and-surpasses-3000-202406202104

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Filed under: News - @ June 21, 2024 1:12 am