Silver Price Analysis: XAG/USD hovers around opening price, flatline

Silver

Gold

FXStreetAug 5, 2024 12:52 AM

Silver hits weekly high of $29.22 before stabilizing at $28.49, down 0.02%.
Technical outlook: Closing above 100-DMA ($28.69) may trigger rally to $29.00 and $29.50.
Bearish scenario if XAG/USD falls below $28.00, targeting $27.95, July 29 low ($27.31), and 200-DMA ($26.00).

Silver's price was virtually unchanged late in the North American session after whipsawing following US Nonfarm Payrolls data. The grey metal-stabilized below the 100-day moving average (DMA) and traded at $28.49, registering minimal losses of 0.02%.

XAG/USD Price Analysis: Technical outlook

Silver trades at around its opening price after hitting a new weekly high of $29.22, a move that was quickly rejected amid profit-taking in the precious metal segment, led by Gold. The XAG/USD dived below $28.00 following the spike on NFP release before buyers recovered the latter and lifted spot prices to the current price level.

If Silver closes above the 100-DMA at $28.69, that could sponsor a rally toward $29.00 in the upcoming week, followed by the $29.50 mark, which capped prices from July 22 to 24, before collapsing.

Conversely, bears would be in play if they drag XAG/USD below $28.00, exposing the day’s low of $27.95. Further losses hover underneath that level and push Silver to test the July 29 bottom at $27.31, ahead of dropping to the 200-DMA at $26.00.

XAG/USD Price Action – Daily Chart

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