Silver Price Analysis: XAG/USD Retreats As Shooting Star Looms, Sellers Eye $28.00

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Silver retreats from a three-week high reached at $28.74.

Momentum favors bulls in the medium term; but shooting star looming paves the way for a retracement.

Uptrend to resume with buyers clearing $28.74.

Silver prices reversed on Friday amid high US Treasury yields and a stronger US Dollar. The grey metal slipped 0.48% and exchanges hands at around $28.19, at the time of writing.

XAG/USD Price Analysis: Technical outlook
 From a technical perspective, Silver is still upward biased, though the formation of a ‘shooting star,’ can pave the way for a pullback. Even though momentum favors bulls, as depicted by the Relative Strength Index (RSI) with readings between 60-70, its slope aims downwards.Therefore, XAG/USD is bearishly biased in the short term. However, sellers will face solid support levels, like the $28.00 psychological level. Once cleared, the non-yielding metal could dive toward the 38.20% Fib retracement at $27.70, confluence with the April 62 high.On the other hand, a bullish resumption could occur, if buyers reclaim the current week high of $28.76, followed by the $29.00 mark. A breach of the latter and buyers could challenge the year-to-date (YTD) high at $29.79.

XAG/USD Price Action – Daily Chart
 

XAG/USD
 

OVERVIEW Today last price 28.2 Today Daily Change -0.13 Today Daily Change % -0.46 Today daily open 28.33

 

TRENDS Daily SMA20 27.5 Daily SMA50 26.17 Daily SMA100 24.59 Daily SMA200 23.89

 

LEVELS Previous Daily High 28.34 Previous Daily Low 27.29 Previous Weekly High 27.44 Previous Weekly Low 26.02 Previous Monthly High 29.8 Previous Monthly Low 24.75 Daily Fibonacci 38.2% 27.94 Daily Fibonacci 61.8% 27.69 Daily Pivot Point S1 27.63 Daily Pivot Point S2 26.93 Daily Pivot Point S3 26.58 Daily Pivot Point R1 28.69 Daily Pivot Point R2 29.04 Daily Pivot Point R3 29.74

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