Silver Price Analysis: XAG/USD slumps amid hawkish Fed comments, high US yields
17.06.2024, 22:36

Silver Price Analysis: XAG/USD slumps amid hawkish Fed comments, high US yields

  • Silver's price drops to $29.49, posting minimal losses of 0.38%.
  • First support level at the 50-day moving average near $29.01.
  • If Silver buyers clear $30.00, a re-test of the YTD high of $32.51 is possible.

Silver's price edged lower and posted minimal losses of 0.38% on Monday. Elevated US Treasury bond yields amid Fed hawkish commentary undermined the grey metal. Therefore, the XAG/USD trades at $29.49 at the time of writing.

XAG/USD Price Analysis: Technical outlook

The grey metal is neutral to downward biased after hitting an eleven-year high of 32.51. Since then, the pair retreated towards an area near the 50-day moving average (DMA) at around $29.01, which is the first support level.

Momentum turned bearish, with the Relative Strength Index (RSI) standing below the 50-midline.

Therefore, the first support level for XAG/USD would be the 50-DMA. If the Silver price dives below that level, the next support level will be the 100-DMA at $26.40, ahead of the May 2 low of $26.02.

On the other hand, if Silver buyers conquer $29.00, they must clear the $30.00 handle if they want to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 29.5
Today Daily Change -0.06
Today Daily Change % -0.20
Today daily open 29.56
 
Trends
Daily SMA20 30.53
Daily SMA50 28.97
Daily SMA100 26.41
Daily SMA200 24.78
 
Levels
Previous Daily High 29.59
Previous Daily Low 28.83
Previous Weekly High 30.26
Previous Weekly Low 28.66
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.3
Daily Fibonacci 61.8% 29.12
Daily Pivot Point S1 29.06
Daily Pivot Point S2 28.57
Daily Pivot Point S3 28.31
Daily Pivot Point R1 29.82
Daily Pivot Point R2 30.08
Daily Pivot Point R3 30.57

 

 

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