Created
: 2024.04.13
2024.04.15 06:20
Silver's price tumbled on Friday's session after refreshing three-year highs reached in February 2021. The grey metal peaked at $29.79 before plunging close to $2.00. The XAG/USD traded at $27.84, down 2.01%.
Silver is bullishly biased despite retreating sharply after spiking toward the $29.70s area. However, achieving a daily close below the June 10, 2021, high turned support at $28.28 and clearing below $28.00 has opened the door for a pullback. Therefore, XAG/USD's first support would be the April 10, low at $27.54, ahead of challenging the $27.00 figure. Further losses are seen on May 5, 2023, with high turned support at $26.12.
On the other hand, strong bullish momentum remains, and if buyers reclaim $28.00, that could be put back into the table, the continuation of the rally. The first supply zone would be June 10, 2021, high at $28.28, before testing May 18, 2021, at $28.74. Once surpassed, the next stop would be the year-to-date (YTD) high at $29.79.
Created
: 2024.04.13
Last updated
: 2024.04.15
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