Key Takeaways:
- Silver’s price dropped to $29.49, with minimal losses of 0.38%.
- First support level is at the 50-day moving average near $29.01.
- If Silver buyers surpass $30.00, a re-test of the YTD high of $32.51 may occur.
XAG/USD Price Analysis: Technical Outlook
Silver’s price decreased by 0.38% on Monday to $29.49 due to elevated US Treasury bond yields and Fed commentary. The XAG/USD pair is now trading near the 50-day moving average.
- Momentum is bearish, RSI below the 50-midline.
- First support level at 50-DMA, followed by 100-DMA at $26.40.
- To re-test YTD high, Silver buyers need to clear $30.00.
XAG/USD Price Action – Daily Chart
FAQs:
1. Why did Silver’s price drop?
Silver’s price fell due to elevated US Treasury bond yields and hawkish Fed commentary.
2. What is the first support level for XAG/USD?
The first support level is at the 50-day moving average near $29.01.
3. How can Silver buyers re-test the YTD high?
If Silver buyers surpass $30.00, they may have a chance to re-test the year-to-date high of $32.51.
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