Silver Price Analysis: XAG/USD ends losing streak, still tumbles below $28.00

• Silver posts 0.31% gain, finishing the week with over 4% losses.
• Technical outlook indicates potential deeper correction if prices drop below $27.00.
• Resistance seen at $28.91 if silver rallies past $28.00, with next stop above $29.00.

Silver ended its two-day losing streak yet finished the week with losses of more than 4%, as investors booked profits in the precious metal space. The XAG/USD finished Friday’s session below the $28.00 figure, with gains of 0.31%.

XAG/USD Price Analysis: Technical outlook

The drop below $28.00 has exacerbated further losses on the XAG/USD. Although it remains neutral biased, a deeper correction looms as momentum remains bearish on the sellers' side, as depicted by the Relative Strength Index (RSI).

If XAG-USD slips below $27.00, the next support would be the May 2 low of $26.02, ahead of the 200-day moving average (DMA) at $25.88.

Conversely, the grey metal rallies past the $28.00 mark, which can pave the way for a leg-up.  The first resistance would be the July 25 high of $28.91. Once surpasses, the next stop is seen above the $29.00 figure.

XAG/USD Price Action – Daily Chart