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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. The grey metal failed to capitalize on the fall in US Treasury yields, courtesy of a stronger US Dollar. At the time of writing, the XAG/USD trades at $27.21.
Despite retracing, the XAG/USD uptrend is intact, with dips viewed as opportunities for buyers to keep Silver's bid. During the last four trading days, Silver sellers had remained unable to push prices below the 50% Fibonacci retracement at $27.05, of the Fib drawn from the swing low at $24.34 to the latest high at $29.76.
For a bullish resumption, once traders surpass the $28.00 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 (YTD) 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 (DMA) and the 78.6% Fib retracement at $25.50.
Silver price (XAG/USD) remains stuck in a tight range around $27.60 in Friday’s American session. Traders reassess expectations for the Federal Reserve (Fed) rate cuts as the United States core Personal Consumption Expenditure Price Index (PCE) for March remain higher than the consensus.
The annual underlying inflation data rose by 2.7% from the estimates of 2.6% but decelerated from the prior reading of 2.8%. On a month-on-month basis, price pressures grew in line with expectations and the prior reading of 0.3%. Price pressures remaining higher fuel expectations for Federal Reserve (Fed) maintaining a hawkish monetary policy framework.
The scenario is favorable for the US Dollar and bond yields but weighs on non-yielding assets, such as Silver. The US Dollar Index (DXY) rebounds from 105.40 amid expectations that the Fed will keep interest rates higher for a longer period. The Fed sees rate cuts appropriate only when they get evidence that inflation will return to the desired rate of 2%. 10-year US Treasury yields are down 1.15% to 4.65%.
Meanwhile, investors shift focus to the Fed’s interest rate decision, which will be announced on May 1. The Fed is anticipated to keep interest rates unchanged in the range of 5.25%-5.50%. Though the Fed is expected to maintain the status quo, investors will focus on guidance on interest rates.
Silver price corrects to near March 2022 high near $27.00 after failing to extend upside above the crucial resistance of $30.00. The near-term appeal for Silver seems uncertain as it struggles to sustain near the 20-day Exponential Moving Average (EMA), which trades around $27.20.
The 14-period Relative Strength Index (RSI) shifts into the 40.00-60.00 range from the bullish range of 60.00-80.00, suggesting that the bullish momentum has faded for now.
Silver Price (XAG/USD) finds interim support near $27 in Thursday’s European session after facing a sharp sell-off in the past week. The white metal discovers some buying interest as the US Dollar edges down.
The US Dollar Index (DXY) corrects to near 105.60 after the S&P Global United States preliminary PMI for April reported that the inflow of new business fell for the first time in six months, which raised doubts over a strong economic outlook. However, the broader-term outlook of the US Dollar has not faded yet as Federal Reserve (Fed) policymakers have been emphasizing maintaining the current policy framework for a longer period, considering strong labour demand and stubbornly higher inflation data.
Going forward, the US Dollar will be tested on the grounds of Q1 preliminary Gross Domestic Product (GDP) data, which will be published at 12:30 GMT. The US economy is estimated to have expanded by 2.5%, at a slower pace than the 3.5% growth recorded in the last quarter of 2023. A strong US GDP data would improve speculation for a soft landing by the Fed. The soft landing is a situation in which the central bank achieves price stability without triggering a recession.
10-year US Treasury yields trade close to 4.65% exhibiting consolidation ahead of the US core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Friday. The underlying inflation data will significantly influence market expectations about when the Fed will start reducing interest rates. Higher bond yields negatively impact the appeal of non-yielding assets, such as Silver, by increasing the cost of holding an investment in it.
Silver price corrects to near March 2022 high near $27.00 after failing to extend upside above the crucial resistance of $30.00. The near-term appeal for Silver remains strong as the 20-week Exponential Moving Average (EMA) at $25.00 is sloping higher.
The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, suggesting a firm bullish momentum.
Silver price (XAG/USD) trades on a softer note for the second consecutive day around $26.95 on Tuesday during the early European session. The easing fear of wider Middle East tensions improves market sentiment and creates a headwind for the precious metal. Traders prefer to wait on the sidelines ahead of the US preliminary S&P Global Purchasing Managers Index (PMI) data for April, due later on Tuesday.
The silver price drifts sharply lower to nearly three-week lows as concerns about a potential broader conflict in the Middle East fade, leading traders to reduce their precious metal positions and favour riskier assets. Iranian Foreign Minister Hossein Amirabdollahian stated on Friday that Iran does not plan to respond to Israel’s retaliatory strike, while Israeli authorities remained mostly silent. The absence of public statements afterward tends to imply that both sides are attempting to ease tensions.
Additionally, the lower expectation for interest rate cuts from the US Federal Reserve (Fed) amid the robust. US economic data and hawkish stances from policymakers provide some support to the US Dollar (USD) and weigh on the US Dollar-denominated silver. New York Fed President John Williams noted that he doesn't feel urgency to cut interest rates, given the strength of the economy. Meanwhile, Chicago Fed President Austan Goolsbee stated that the Fed's current restrictive monetary policy is appropriate due to the robust US economic data.
It’s worth noting that the higher-for-longer US rate narrative might dampen demand for white metal, a non-interest-bearing asset. The chance of a June cut has fallen to 15%, and the odds of a July cut have dropped below 45%. A September cut is not fully priced in, with the probability falling below 70%, according to the CME FedWatch Tool.
Silver (XAG/USD) is going through a deep correction on Monday, with precious metals suffering as concerns about an escalation of the Middle East conflict ebb. The lower US Yields have failed to support demand for the pale metal, which has depreciated about 5.7% from Friday’s highs.
Bears gained confidence on Monday after pushing prices below the $27.57 support area. Technical indicators are pointing lower, with the 4h approaching but not yet at oversold levels and price action below the 50 and the 100 SMAS.
Using Elliott wave analysis, the pair seems on the 4th corrective wave of a five-wave bullish cycle. The 38.2% Fibonacci retracement of the mentioned bull run, at $26.85 is a common target for corrections, and close below is the April 5 low, at $26.30.
On the upside, the pair would need to regain the $27.60 previous support level to shift its focus to the $27.95 and Mid-April’s high, at $29.80.
Silver price (XAG/USD) faces an intense sell-off and drops to $27.30 in Monday’s early American session. The white metal falls on the backfoot as investors expect that conflicts in the Middle East region will not widen further. Fears from Middle East tensions ebb after Iran commented that currently, they are not planning any immediate retaliation to Israel’s limited attack on Isfahan.
Receding risks of further escalation in conflicts between Israel and Iran has weakened demand for safe-haven assets. This has improved investors’ appetite for risky assets. The S&P 500 opens on a bullish note, suggesting a cheerful market mood. 10-year US Treasury yields rise to 4.65% as investors expect that the Federal Reserve (Fed) would be a laggard in unwinding the restrictive policy framework compared with other central banks from developed nations.
The CME FedWatch tool shows traders pricing in the September policy meeting, when the central bank could start reducing interest rates. Expectations for Fed rate cuts have shifted to September from June as policymakers expect that progress in inflation declining to the 2% target has stalled.
On Friday, Chicago Fed Bank President Austan Goolsbee said, “Given the strength of the labor market and progress on easing inflation seen over a longer arc, I believe the Fed's current restrictive monetary policy is appropriate," Reuters reported.
This has also improved the appeal of the US Dollar. The US Dollar Index (DXY) jumps higher to 106.30 as the Fed maintains that interest rates need to remain at their current levels for a longer period.
Silver price falls sharply to near the 20-day Exponential Moving Average (EMA), which trades around $27.20 after failing extend upside above three-year high of $29.80. The horizontal support plotted from April 14 high at $26.09 will be a major cushion for the Silver price.
The 14-period Relative Strength Index (RSI) slips into the 40.00-60.00 range, suggesting that momentum is not bullish anymore. However, the bullish bias is intact.
Silver price (XAG/USD) falls back while attempting to recapture crucial resistance of $29.00 in Friday’s European session. The white metal surrenders early gains, prompted by reports from the Middle East that Iran’s air defence destroyed three drones by the Israeli army. Israel has not yet confirmed that they made those attacks in retaliation to an airstrike by Iran on their state.
The near-term outlook for Silver remains firm as worsening geopolitical tensions will keep the safe-haven demand intact. Meanwhile, global markets exhibit an asset-specific action as risk-perceived currencies have recovered losses reported in early Asia, while global equites remain under pressure. S&P 500 futures have posted significant losses in the European session.
Yields on interest-bearing assets from the United States economy have plummeted despite the Federal Reserve (Fed) lean towards keeping interest rates higher for a longer period. 10-year US Treasury yields fall to 4.59%. A decline in bond yields diminish the opportunity cost of investment in bullions.
On Thursday, New York Fed President John Williams said he doesn't see urgency for rate cuts and warned that the central bank is ready to hike again if data suggests persistent price pressures.
The US Dollar Index (DXY) holds the 106.00 ground as Fed policymakers support keeping interest rates higher due to stubbornly high inflation, which has been fed by tight labor market conditions.
Silver price remains in a tight range between $28 and $29 from last four trading sessions on an hourly timeframe. This demonstrates a sharp volatility contraction, which could explode in either direction. The 14-period Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, indicating indecisiveness among market participants.
Silver clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.
The grey metal continues to hold to the $28.00 threshold, while the Relative Strength Index (RSI) continues to edge lower. One could assume that buyers are taking a respite as the RSI edges lower, but it remains above the latest through of 54.00. With that said, Silver remains upward-biased as momentum favors bulls.
If XAG/USD buyers reclaim the May 18, 2021, daily high at $28.75, they could challenge $29.00. A breach of the latter will expose the year-to-date (YTD) high at $29.79 before challenging $30.00.
Otherwise, Silver’s drop below $28.00 would give sellers the upper hand and expose key support levels. Firstly, the April 15 daily low at $27.59, followed by the confluence of the 50% Fibo retracement and the $27.00 figure.
Silver price (XAG/USD) gains momentum near $28.50 on Thursday during the early European session. The upsurge of the white metal is bolstered by rising industrial demand and safe-haven flows amid the ongoing geopolitical tensions in the Middle East.
The Silver Institute released its annual World Silver Survey on Wednesday, showing that industrial demand in the silver market is expected to hit another record high this year, climbing 9% to 710.9 million ounces. The rising demand is driven by silver demand for Photovoltaic (PV) solar panels. Furthermore, the ongoing tensions in the Middle East, particularly between Iran and Israel, might further fuel the demand for silver. ANZ commodity analysts said that silver still has significant potential, even after hitting solid resistance at $29.90 last week.
On the other hand, the growing speculation that the Federal Reserve (Fed) will delay its easing cycle might cap the upside of silver price. Fed Cleveland President Loretta Mester said on Wednesday that inflation is higher than anticipated and the Fed needs more confidence in its trajectory. Earlier this week, Fed Chair Jerome Powell emphasized that he will wait for more evidence to gain confidence that inflation is headed toward the central bank’s 2% goal before lowering borrowing costs. It’s worth noting that the higher-for-longer US rate narrative might dampen demand for white metal, a non-interest-bearing asset.
Silver’s prices remain in positive territory but continued to register higher tails in the daily chart, signaling buyers' failure to commit to higher prices above the May 18, 2021, high of $28.74. At the time of writing, XAG/USD trades at $28.21 and gains 0.50%.
The daily chart depicts the grey metal as upward biased even though it’s retreating below the crucial resistance level, exposing the significant $28.00 figure. Once that level is cleared, it could potentially lead to a significant shift in the market dynamics. Silver’s next support would be the April 15 low of $27.59 ahead of $27.00. Once that level is taken out, the next demand zone would be the December 4, 2023, high turned support at $25.91.
On the other hand, if buyers lift XAG/USD prices back above June 10, 2021, high at $28.28, it could clear the path to test $28.74. A breach of the latter will expose $29.00, followed by the year-to-date (YTD) high at $29.79.
Silver price (XAG/USD) advances to $28.60 in Wednesday’s early New York session. The white metal witnesses significant buying interest as deepening Middle East tensions keep safe-haven bid firm. Investors are worried that tensions in the Middle East region could spread beyond Gaza as Israel said it will respond to Iran’s attack on their territory.
The Iranian military launched hundreds of missiles and drones on Saturday in retaliation to Israel’s attack on the Iranian embassy near Damascus in Syria in which two high-rank generals were killed. After Iran’s attack on Israel Tehran said, “the matter deemed to be closed.” However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe, Wall Street Journal reported. The appeal for bullions strengthens when investors see geopolitical tensions escalating further.
Meanwhile, 10-year US Treasury yields fall to 4.63% despite Federal Reserve (Fed) sees interest rates remaining higher for a longer period. A decline in yields on interest-bearing assets eases the opportunity cost of holding an investment in non-yielding assets, such as Silver.
The US Dollar Index (DXY) exhibits strength near 106.20 as robust US Retail Sales data for March has improved the economic outlook. Higher spendings by households are done when labor market conditions remain tight, suggest strong economic outlook.
Silver price faces selling pressure while attempting to break above horizontal resistance plotted from 3 August 2020 high at $29.86. The long-term outlook of the white metal is bullish as the 20-week Exponential Moving Average (EMA) at $24.85 is sloping higher.
The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting a strong upside momentum.
Silver price edges higher to near $28.50 per troy ounce during the European trading hours on Wednesday. The safe-haven bullion like Silver gains ground on the market caution. Investors are cautiously monitoring Israel's response to Iran's air strike on Saturday.
A Reuters article reported that the rescheduling of the third meeting of Israel's war cabinet, initially slated for Tuesday, has been moved to Wednesday. The purpose of this meeting is to discuss and deliberate on Israel's response to Iran's unprecedented direct attack.
Additionally, the mild downward correction in the US Dollar adds to the upside of the Silver demand. However, the US Dollar Index (DXY) maintains a position near its five-month high of 106.51 reached on Tuesday. 2-year and 10-year US yields on US Treasury bonds stand at 4.96% and 4.65%, respectively, by the press time.
The expectations of the Federal Reserve (Fed) maintaining elevated interest rates for a longer duration, buoyed by a robust US economy and persistent inflation. Additionally, the hawkish remarks from the Federal Reserve Chair Jerome Powell, could support the US Dollar (USD). A stronger US Dollar (USD) tends to make silver more expensive to buy for investors using other currencies, which could impact the demand for the white metal.
On Tuesday, Federal Reserve Chair Powell remarked that recent data suggests minimal advancement in inflation this year, implying a prolonged period before reaching the 2% target. This statement potentially fostered a more hawkish sentiment and lent support to the US Dollar, according to Reuters.
Silver prices retreat from daily highs reached $29.01, dropping 2.63%, affected by high US Treasury yields, and stirring resistance around the $29.00 threshold. The XAG/USD trades at $28.09, breaking key support levels on its way toward current spot prices.
From a technical standpoint, XAG/USD buyers failed to hold Siver’s quote above the psychological $29.00 level after reaching a year-to-date (YTD) high of $29.79. That exacerbated the grey’s metal drop toward the $28.00 mark, opening the door for further downside. During the last couple of days, price action formed a ‘dark cloud cover’ that needs confirmation below the April 15 low of $27.59.
Momentum was extremely bullish, though the Relative Strength Index (RSI) exited from overbought conditions during the day, sponsoring a leg-down on Silver. That said, XAG/USD could witness a pullback before buyers attempt to challenge the $29.00 mark.
Given the backdrop, Siver’s first support would be $27.59, followed by the $27.00 mark. Further losses are seen at $26.29, the April 5 low. On the flip side, if buyers keep the XAG/USD spot price above $28.00, the next resistance levels are seen at the June 10, 2021, high at $28.28, followed by the May 18, 2021 high at $28.74.
Silver price (XAG/USD) slumps to $28.40 in Tuesday’s European session. The white metal faces intense selling pressure as the US Dollar extends its upside to more than five-month high around 106.40. The US Dollar strengthens after robust United States Retail Sales data for March deepened uncertainty about when the Federal Reserve (Fed) will start reducing interest rates.
S&P 500 futures have posted some losses in the European session, portraying a decline in the risk appetite of the market participants. 10-year US Treasury yields hover near a fresh five-month high around 4.63%. US bond yields extend their upside on expectations that the Fed will delay rate cuts later this year. The US Dollar Index (DXY) rises to 106.33 and continues its winning streak for the fifth trading session on Tuesday.
Fed policymakers see no urgency for a reduction in interest rates. San Francisco Fed Bank President Mary Daly emphasized keeping the monetary policy restrictive until policymakers get convinced that inflation is on course towards the 2% target.
The near-term outlook of Silver remains strong amid fears that tensions in the Middle East region could spread beyond Gaza. After a cabinet meeting on Monday with Israel Prime Minister Benjamin Netanyahu, Israel’s military Chief of Staff Herzi Halev said they would respond to Iran’s attack on their territory. On Saturday, Iran launched hundreds of drones and missiles to retaliate against Israel’s attack on the Iranian embassy in Syria near Damascus, in which two high-ranked generals died.
Silver price faces selling pressure while attempting to break above horizontal resistance plotted from 3 August 2020 high at $29.86. The long-term outlook of the white metal is bullish as the 20-week Exponential Moving Average (EMA) at $24.85 is sloping higher.
The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting a strong upside momentum.
Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level. At the time of writing, XAG/USD trades at $28.85, up by 3.61%.
Silver’s daily chart portrays the grey metal is bullish, shy of reclaiming the $29.00 handle. Once cleared, the next resistance would be the April 12 high of $29.79 before aiming toward the $30.00 threshold, last seen in February 2013. The next resistance would be February’s monthly high at $32.15.
Conversely, XAG/USD’s first support would be the May 18, 2021, high turned support at $28.75, followed by the June 10, 2021, high at $28.28. Once those two levels are surpassed, the $28.00 psychological level will be next.
Silver price (XAG/USD) finds strong buying interest near $27.50 after correcting from fresh highs of $29.80. The white metal rebounds to $28.50 in Monday’s American session but struggles to extend recovery as investors expect that Middle East tensions will not escalate further.
Iran said we don’t want to raise tensions in the Middle East further. Their administration added, “the matter deemed to be closed.” However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe, the Wall Street Journal reported. Meanwhile, US President Joe Biden said it won’t support the counterattack from Israel. On Saturday, Iran launched hundreds of drones and missile on the Israeli state.
Meanwhile, higher bond yields due to deepening uncertainty about when the Federal Reserve (Fed) will pivot to rate cuts is barricading the Silver price from further upside. 10-year US Treasury yields rise to 4.65%.
The US Dollar Index (DXY) extends its upside to 106.20 after upbeat US Retail Sales data for March. The US Census Bureau reported that Retail Sales rose strongly by 0.7% from expectations of 0.3% but the pace was slower than the prior reading of 0.9%, upwardly revised from 0.6%.
Silver price recaptures a three-year high near $30.00. The long-term outlook of the Silver price is extremely bullish as the 20-week Exponential Moving Average (EMA) near $25.00, is sloping higher. The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting that a bullish momentum is active.
Silver (XAG/USD) catches fresh bids on the first day of a new week and stalls its retracement slide from the vicinity of the $29.80 region, or the highest level since February 2021 touched on Friday. The white metal sticks to intraday gains through the early part of the European session and is currently placed just below mid-$28.00s.
From a technical perspective, the recent breakout through the $25.60-$25.70 horizontal resistance and the subsequent move up was seen as a fresh trigger for bullish traders. That said, the Relative Strength Index (RSI) is flashing overbought conditions on the daily chart and makes it prudent to wait for some near-term consolidation or a modest pullback before positioning for any further appreciating move.
Meanwhile, any corrective decline below the $28.00 round figure is likely to find decent support near the $27.80-$27.75 region, below which the XAG/USD could accelerate the fall towards the $27.25 area en route to the $27.00 mark. Some follow-through selling might expose the next relevant support near the $26.35-$26.30 region before the white metal drops to the $26.00 mark and the $25.70-$25.60 resistance breakpoint.
On the flip side, sustained strength back above the $28.50 level should allow the XAG/USD to reclaim the $29.00 mark. The momentum could extend further towards the $29.80 zone, or the YTD peak, above which bulls are likely to aim back towards conquering the $30.00 psychological mark.
Silver's price tumbled on Friday’s session after refreshing three-year highs reached in February 2021. The grey metal peaked at $29.79 before plunging close to $2.00. The XAG/USD traded at $27.84, down 2.01%.
Silver is bullishly biased despite retreating sharply after spiking toward the $29.70s area. However, achieving a daily close below the June 10, 2021, high turned support at $28.28 and clearing below $28.00 has opened the door for a pullback. Therefore, XAG/USD's first support would be the April 10, low at $27.54, ahead of challenging the $27.00 figure. Further losses are seen on May 5, 2023, with high turned support at $26.12.
On the other hand, strong bullish momentum remains, and if buyers reclaim $28.00, that could be put back into the table, the continuation of the rally. The first supply zone would be June 10, 2021, high at $28.28, before testing May 18, 2021, at $28.74. Once surpassed, the next stop would be the year-to-date (YTD) high at $29.79.
Silver price (XAG/USD) looks set for a positive weekly close for the third time in a row. The precious metal strengthens as geopolitical tensions and China’s weak economic outlook strengthen safe-haven demand.
Iran promised to retaliate against Israel’s air strike on their embassy near Damascus in which seven members of its Islamic Revolutionary Guard Corps (IRGC), including two generals, were killed. The war situation in Gaza between Israel and Palestine could further escalate after the direct intervention of Iran. Meanwhile, the Israeli administration vowed to invade Rafah where displaced Palestinians have been sheltered. Investors channel their funds into non-yielding assets, such as Silver, amid geopolitical uncertainty.
Meanwhile, a sharp decline in US Treasury yields has reduced the opportunity cost of investment in non-yielding assets. 10-year US Treasury yields retreat to 4.55% from a more than four-month high of 4.60%. The US Dollar Index (DXY) is an inch away from recapturing a five-month high at 106.00.
The US Dollar strengthens as stubbornly higher consumer price inflation and strong Nonfarm Payrolls (NFP) data for March have forced traders to unwind their bets leaned toward the Federal Reserve (Fed) to begin reducing interest rates in the June and July policy meetings. Now, investors see the Fed pivoting to rate cuts from September. Also, investors expect that the Fed will reduce interest rates only two times by the year-end instead of three projected by Fed policymakers in the latest dot plot.
Silver technical analysis
Silver price approaches an 11-month high near $30, plotted from 27 July 2020 high on a weekly timeframe. The long-term outlook is bullish as the 20-week Exponential Moving Average (EMA) at $24.56 is sloping higher. The 14-period Relative Strength Index (RSI) rises to 73.00, suggesting strong buying momentum. More upside remains favored amid the absence of divergence signals.
Silver price surges on Thursday after the release of prices paid by producers in the United States (US) showed that factory inflation continues to decelerate, contrasting Wednesday’s red-hot Consumer Price Index (CPI). Investors capitalized on that, as they took advantage of the dip in precious metals and lifted their prices near year-to-date peaks.
The XAG/USD trades at $28.45 and clocks minimal gains of 0.09% after ending Thursday’s session up by 1.94%.
The grey metal rally is set to extend after rallying after June 10, 2021, at a high of $28.28, which has opened the door for further upside. Silver gains momentum, although momentum oscillators suggest it's overbought. The Relative Strength Index (RSI), at 77.41, is still shy of reaching the 80 levels sought by traders as the overbought condition in a strong bullish trend.
With that said Silver’s next resistance would be the May 18 high at $28.74, followed by the psychological $29.00 figure. On the other hand, if sellers drag prices below the June 10, 2021, high, turned support, that will pave the way for further losses. The first support would be $28.00, followed by the April 10 low of $27.54, ahead of $27.00.
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