The Price of Silver Has Reached Its Highest Level in Over Three Years


As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February 2021.

It is worth noting that today the price of silver is behaving more bullishly than the price of gold, which is approximately 1.5% below its April high.

The main factor contributing to the rise in the price of silver is likely the weakening of the US dollar, as traders expect the Federal Reserve to ease monetary policy.

Can the price of silver continue to rise? Analysts are generally bullish. As CNBC reports:
→ Saxo Bank strategists recently stated in an analytical review that the price of silver could rise to $30, while gold could soon test the $2,400 level.
→ Analysts at ROTH Capital Partners forecast that the prices of gold and silver will rise even higher in the coming months. According to JC O'Hara, Chief Market Technician, if the price breaks the $30 level, "there will be few resistance levels until the $35/$37 range."

Let’s provide more data for a technical analysis of the silver market.

The daily XAG/USD chart shows that:
→ the price of silver is moving within an upward channel (shown in blue);
→ in April, the price sharply declined after briefly exceeding the upper boundary of the channel (a sign of seller activity);
→ today the price of silver is again near the upper boundary, which should be considered as resistance;
→ the psychological level of $30 could also be an obstacle for the bulls;
→ judging by the RSI, the market may be overbought.

Note the history of the XAG/USD chart – in 2020 and 2021, the price of silver already tried to surpass the $30 level but turned downward. It is possible that we will soon witness another bullish attempt at this important "round" price level.

Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Commodities

Goldman Sachs Predicts a Rise in Brent Crude Oil Prices Gold Price Drops After US Employment Report Market Analysis: Gold Price Gains Traction, Crude Oil Price Rises The Price of Silver Is Acting Weaker Than Gold WTI Oil Price Unchanged After OPEC+ Meeting

Latest articles


TSLA Shares Revive After Shareholder Meeting

Last week, Tesla held a shareholder meeting where the main events included:
→ Shareholders approving Elon Musk’s $56 billion compensation package in TSLA stock options;
→ Relocating the company’s legal headquarters to Texas;
→ Elon Musk’s statements on robotics, asserting

What Is a Petrodollar and How Does It Affect the Global Economy?
Trader’s Tools

What Is a Petrodollar and How Does It Affect the Global Economy?

The concept of petrodollars is an insightful topic to study. The petrodollar isn’t a specific currency but a financial system that reflects economic and political forces that have shaped international relations for decades. This concept is critical to understanding


Nasdaq 100 Index Reaches 20,000 Points for the First Time

On 30 May, we noted some uncertainty in the price behaviour of the Nasdaq 100 (US Tech 100 mini on FXOpen) near the resistance level of 18,840, as shown by arrow #1.

Following this, the price declined and tested

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.