Silver prices saw a 0.60% increase after falling to a daily low of $29.35, with momentum appearing neutral as the Relative Strength Index (RSI) sits around the 50-neutral line. Key resistance levels for silver are at $30.25 and $31.54, with support levels at $29.05 and $28.66.
During the North American session, silver prices rose by more than 0.60%, despite trading in thin liquidity conditions due to Wall Street being closed for the Juneteenth holiday. Currently, the XAG/USD pair is trading at $29.71, following a daily low of $29.35.
Technical analysis shows that silver has a neutral to upward bias, even after dropping from year-to-date highs of $32.51. The metal seems to have found support after reaching a monthly low of $28.66 and is now inching closer to the $30.00 mark. The RSI suggests that neither buyers nor sellers are dominating the market at the moment.
If silver buyers manage to push the price above $30.00, it could trigger a bullish continuation, potentially leading to further gains. The next resistance levels to watch out for are at $30.25 and $31.54. Conversely, if sellers push the price below the 50-day moving average at $29.05, it could lead to a further decline towards $28.66 and potentially down to the 100-DMA at $26.60.
In conclusion, silver prices have shown a slight increase after hitting a daily low, with momentum pointing to a balanced market. Key levels to watch out for include resistance levels at $30.25 and $31.54, as well as support levels at $29.05 and $28.66. The market remains neutral to slightly bullish, with potential for further upside if key resistance levels are breached.
