Silver Price Analysis: XAG/USD retreats from weekly highs around $30.00
12.06.2024, 23:01

Silver Price Analysis: XAG/USD retreats from weekly highs around $30.00

  • Silver rises 1.45% as Fed leaves policy unchanged, adjusts inflation outlook, and anticipates one rate cut.
  • XAG/USD shows a double-top pattern indicating potential declines; initial support at $29.00.
  • Resistance at $30.05; surpassing this could target recent highs, though buyers continue to face challenges.

Silver prices registered solid gains of 1.45% on Wednesday, as the US Federal Reserve kept monetary policy unchanged while upwardly reviewing its inflation expectations and adjusted its estimates for the federal funds rate. As the US central bank projects one rate cut, the XAG/USD trades at $29.59, down 0.29% as Thursday’s Asian session begins.

XAG/USD Price Analysis: Technical Outlook

Silver's double-top chart pattern remains in effect, suggesting that the metal's spot prices might decline further. XAG/USD fell below the May 24 low of $30.05, confirming the double-top pattern.

The initial support for XAG/USD is at $29.00, followed by the June 7 low of $29.12. Breaking below this level could lead to a drop under $29.00, then to the May 18, 2021, high turned support of $28.74, and subsequently to the June 10, 2021, high of $28.34. The final target is the double top objective at $27.80.

Conversely, if XAG/USD moves upwards and closes above $29.00, it could challenge the May 24 low, which has turned into resistance at $30.05. Buyers are struggling to reclaim $30.00, indicating potential for further downside.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 29.64
Today Daily Change 0.36
Today Daily Change % 1.23
Today daily open 29.28
 
Trends
Daily SMA20 30.65
Daily SMA50 28.84
Daily SMA100 26.2
Daily SMA200 24.69
 
Levels
Previous Daily High 29.86
Previous Daily Low 29.04
Previous Weekly High 31.55
Previous Weekly Low 29.12
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.35
Daily Fibonacci 61.8% 29.55
Daily Pivot Point S1 28.92
Daily Pivot Point S2 28.56
Daily Pivot Point S3 28.09
Daily Pivot Point R1 29.75
Daily Pivot Point R2 30.22
Daily Pivot Point R3 30.58

 

 

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