empty
05.07.2024 01:37 PM
XAG/USD. Review and analysis. Bulls maintain control near two-week high

This image is no longer relevant

Silver consolidates its recent gains near the two-week high reached on Wednesday. Nevertheless, the white metal remains on track for a strong weekly rise as traders await the release of the US Non-Farm Payrolls (NFP) report before making new directional bets.

From a technical perspective, the recent move away from last month's low of around $28.65 and the subsequent strong rebound above the $29.00 level, as well as the subsequent move beyond the psychological mark of $30.00, favour the bulls. Moreover, the XAG/USD pair is confidently holding above the key daily moving averages of 50, 100, and 200 SMA. Additionally, the fact that oscillators on the daily chart have started to gain positive momentum suggests that the path of least resistance for silver is upward.

Some further buying beyond the weekly high, in the $30.70 area reached on Wednesday, and beyond the $30.80 resistance, will confirm the positive trend, lifting XAG/USD beyond the $31.00 level towards the next relevant obstacle in the $31.35-$31.50 region. The upward trajectory may extend, allowing the bulls to reclaim the round $32.00 level before approaching the more-than-decade high of $32.50.

On the other hand, a corrective decline is more likely to attract new buyers near the round level of $30.00. This should help limit the XAG/USD pair's fall near the key support level of $29.70. A decisive break below it could trigger some technical selling and accelerate the decline towards $29.10-$29.00. Further selling below last month's low would negate the constructive outlook, shifting the short-term bias in favor of the bears.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

What to Pay Attention to on April 8? A Breakdown of Fundamental Events for Beginners

Once again, no macroeconomic events are scheduled for Wednesday. However, the market is paying little attention to traditional macroeconomic indicators, so standard economic reports are unnecessary. The market is entirely

Paolo Greco 06:57 2025-04-09 UTC+2

GBP/USD Overview. April 9. Disinformation, Rumors, Fakes, and Opinions

The GBP/USD currency pair traded relatively calmly on Tuesday, but Monday brought a full-on whirlwind to the markets. For several days now, we've been using terms like "storm," "chaos,"

Paolo Greco 02:55 2025-04-09 UTC+2

EUR/USD Overview. April 9. The American Circus

The EUR/USD currency pair traded much more calmly on Tuesday. That's no surprise—the market has already reacted to all the news about tariffs and counter-tariffs, and the actual implementation date

Paolo Greco 02:55 2025-04-09 UTC+2

NZD/USD. Analysis and Forecast

The NZD/USD pair is attempting to regain positive momentum, supported by renewed US dollar selling. However, given the underlying fundamentals, bullish traders are advised to proceed with caution. Investors appear

Irina Yanina 19:45 2025-04-08 UTC+2

Market gives away its secret

The world is a stage, and people are its actors. Tragicomedies happen every day in financial markets, but what happened at the start of the second week of April

Marek Petkovich 11:49 2025-04-08 UTC+2

Will Tomorrow Be Better Than Yesterday? (There is a risk of renewed decline in AUD/USD and gold prices)

It's easy to stay optimistic and hope that decision-makers act according to your wishes. Why does this occur? And why can it be a trap for investors? The market sell-off

Pati Gani 09:25 2025-04-08 UTC+2

What to Pay Attention to on April 8? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Tuesday. However, the current market environment is hardly affected by the macroeconomic background. At this moment, the market has no use for standard

Paolo Greco 07:35 2025-04-08 UTC+2

GBP/USD Overview. April 8. Now It's the Pound Plunging into the Abyss

The GBP/USD currency pair continued its near-crash-like decline throughout Monday. Can anyone even explain, in hindsight, what's happening in the markets right now? There are no questions regarding the drop

Paolo Greco 06:07 2025-04-08 UTC+2

EUR/USD Overview. April 8. 2025 – The Year of Trade Wars

The EUR/USD currency pair traded with notable volatility on Monday. Particularly for a so-called "boring Monday," with no significant events scheduled. Yet yesterday was anything but boring—many experts have already

Paolo Greco 06:07 2025-04-08 UTC+2

The Pound Attempts to Hold Within the Bullish Channel

The United Kingdom is among the few G20 countries that got off relatively lightly—it was hit with a 25% tariff on car exports and a 10% tariff on other goods

Kuvat Raharjo 00:58 2025-04-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.