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Silver Price Analysis: XAG/USD sinks below $30.00 as bearish-engulfing pattern looms

FXStreetJun 24, 2024 12:21 AM

  • Silver declines 3.86% sparked by firm US Treasury yields and a strong US Dollar.


  • Technical outlook shows a bearish engulfing pattern with RSI turning bearish, indicating potential further losses.


  • Key support levels: 50-DMA at $29.09, $29.00, and MTD low of $28.66, with deeper support at 100-DMA of $26.60.


  • Key resistance levels: June 7 high at $31.54, $32.00, and YTD high of $32.51.


Silver price dropped sharply and snapped two days of gains amid firm US Treasury bond yields and a strong US Dollar. The grey metal trades at $29.53 , down 3.86%



XAG/USD Price Analysis: Technical outlook


Silver is still bullish biased though joining today and yesterday price action completed a ‘bearish engulfing,’ chart pattern. Momentum shifted in sellers’ favor as the Relative Strength Index (RSI) turned bearish and opened the door for further losses.


That said, XAG/USD's first support would be the 50-day moving average (DMA) at $29.09; it will expose $29.00. Breaching this level could lead to the MTD low of $28.66, ahead of a potential drop towards the 100-DMA at $26.60.


On the flip side, if XAG/USD resumes its uptrend, the next resistance level is the June 7 high of $31.54. Clearing this level would target $32.00 before challenging the year-to-date (YTD) high of $32.51.



XAG/USD Price Action – Daily Chart



XAG/USD

Overview

Today last price

29.55

Today Daily Change

-1.18

Today Daily Change %

-3.84

Today daily open

30.73

 

Trends

Daily SMA20

30.26

Daily SMA50

29.11

Daily SMA100

26.68

Daily SMA200

24.92

 

Levels

Previous Daily High

30.79

Previous Daily Low

29.71

Previous Weekly High

30.26

Previous Weekly Low

28.66

Previous Monthly High

32.51

Previous Monthly Low

26.02

Daily Fibonacci 38.2%

30.38

Daily Fibonacci 61.8%

30.12

Daily Pivot Point S1

30.03

Daily Pivot Point S2

29.33

Daily Pivot Point S3

28.95

Daily Pivot Point R1

31.11

Daily Pivot Point R2

31.49

Daily Pivot Point R3

32.2
Reviewed byTony
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