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- Silver pulls again sharply from its highest level since February 2021, suggesting the rally is likely to be overextended.
- If it breaks under key helps at $28.28 and $28.00, additional declines to $27.54 and $27.00 may happen.
- A restoration above $28.00 may reignite bullish sentiment, aiming for earlier highs and resistances.
Silver’s value tumbled on Friday’s session after refreshing three-year highs reached in February 2021. The gray steel peaked at $29.79 earlier than plunging near $2.00. The XAG/USD traded at $27.84, down 2.01%.
XAG/USD Value Evaluation: Technical outlook
Silver is bullishly biased regardless of retreating sharply after spiking towards the $29.70s space. Nevertheless, reaching a each day shut under the June 10, 2021, excessive turned help at $28.28 and clearing under $28.00 has opened the door for a pullback. Subsequently, XAG/USD’s first help could be the April 10, low at $27.54, forward of difficult the $27.00 determine. Additional losses are seen on Could 5, 2023, with excessive turned help at $26.12.
However, robust bullish momentum stays, and if consumers reclaim $28.00, that might be put again into the desk, the continuation of the rally. The primary provide zone could be June 10, 2021, excessive at $28.28, earlier than testing Could 18, 2021, at $28.74. As soon as surpassed, the subsequent cease could be the year-to-date (YTD) excessive at $29.79.
XAG/USD Value Motion – Day by day Chart
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