Silver's price advanced 0.28% on Monday, courtesy of falling yields in US Treasuries and a softer US Dollar.
Silver prices climb due to a weaker US Dollar and lower US yields. Traders await key inflation data from the US and Fed Chair Powell's speech. Momentum favors bulls, but a daily close below $28.00 and Silver could dip toward $27.00, short-term. Silver 's price advanced 0.28% on Monday, courtesy of falling yields in US Treasuries and a softer US Dollar.
In that outcome, the XAG/USD first support would be the 38.2% Fib retracement at $27.70, followed by April’s 15 low of $27.59. Once cleared, the next stop would be the 50% Fib retracement at $27.06. On the other hand, if Silver stays above $28.00, that could open the door for a bullish continuation. The first resistance would be May 10, high at $28.76. Once cleared, key resistance levels surface, like the $29.00 figure, followed by the year-to-date high of $29.79.
XAGUSD Metals Technical Analysis Silver
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