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05.07.2024 01:37 PM
Silver consolidates its recent gains near the two-week high reached on Wednesday. Nevertheless, the white metal remains on track for a strong weekly rise as traders await the release of the US Non-Farm Payrolls (NFP) report before making new directional bets.
From a technical perspective, the recent move away from last month's low of around $28.65 and the subsequent strong rebound above the $29.00 level, as well as the subsequent move beyond the psychological mark of $30.00, favour the bulls. Moreover, the XAG/USD pair is confidently holding above the key daily moving averages of 50, 100, and 200 SMA. Additionally, the fact that oscillators on the daily chart have started to gain positive momentum suggests that the path of least resistance for silver is upward.
Some further buying beyond the weekly high, in the $30.70 area reached on Wednesday, and beyond the $30.80 resistance, will confirm the positive trend, lifting XAG/USD beyond the $31.00 level towards the next relevant obstacle in the $31.35-$31.50 region. The upward trajectory may extend, allowing the bulls to reclaim the round $32.00 level before approaching the more-than-decade high of $32.50.
On the other hand, a corrective decline is more likely to attract new buyers near the round level of $30.00. This should help limit the XAG/USD pair's fall near the key support level of $29.70. A decisive break below it could trigger some technical selling and accelerate the decline towards $29.10-$29.00. Further selling below last month's low would negate the constructive outlook, shifting the short-term bias in favor of the bears.
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