Silver's price dropped 0.79% after hitting a daily high of $27.73, as another inflation report in the United States showed warmer-than-expected inflation.
Silver falls pulling back from a daily high of $27.73. Technical analysis indicates the uptrend is intact with key support at the $27.05 level, marked by the 50% Fibonacci retracement. If silver surpasses the $28.00 resistance, potential targets are $28.48 and possibly year highs near $29.76. Conversely, breaking below $27.05 could lead to $26.41 and further declines. Silver's price dropped 0.79% after hitting a daily high of $27.
00 figure, that would pave the way for further upside. The first resistance would be the 23.6% Fib retracement at $28.48, followed by the $29.00 mark. The next supply area would be the year-to-date high at $29.76. On the flip side, bears could find some relief if XAG/USD slides below the 50% Fib retracement at $27.05, followed by the 61.8% retracement at $26.41. A subsequent dip is seen below that level, exposing the confluence of the 50-day moving average and the 78.6% Fib retracement at $25.
XAGUSD Metals Technical Analysis Silver
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