Silver Price Analysis: Bull cross points to a rally towards $29 mark

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  • Silver sits at ten-day highs above $28, as DXY keeps the red.
  • XAG/USD looks to May 18 high of $28.75 en-route $29 mark.
  • Bullish RSI and crossover on the daily chart back the upside.

Silver (XAG/USD) is extending its four-day upbeat momentum on Tuesday, starting out June on a firmer footing while taking a positive lead from across the commodity board.

The white metal is heading towards the $28.50 barrier, with technical indicators pointing to the additional upside.

On the daily chart, silver price has spotted a bull crossover after the 50-simple moving average (SMA) pierced the 100-SMA from below. The bullish crossover adds credence to the upbeat price action.

Further, the 14-day Relative Strength Index (RSI) holds firmer, pointing towards the overbought territory, currently at 65.16.

If the uptrend picks up pace, a test of the May 18 high at $28.75 remains inevitable. The bulls would then target the $29 mark.

Silver Price Chart: Daily

On the flip side, any pullback could probe the $28 round figure, below which the rising trendline support at 21-SMA of $27.58 will be on the bears’ radars.

Note that the silver price hasn’t closed below 21-SMA since April 12.

Silver Additional levels

 

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