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5 Jun 2024

Silver Price Analysis: XAG/USD collapses below $30.00 as double top emerges

  • Silver breaches key support levels amid ‘double top’ chart pattern confirmation.
  • XAG/USD fall amid lower US T-bond yields as traders book profits.
  • XAG/USD double top pattern objective would be $27.80.

Silver prices sank sharply on Tuesday amid falling US Treasury bond yields and a firm US dollar. The grey metal dropped more than 4% at the time of writing and trades at $29.48 after the XAG/USD hit a daily high of $30.88.

XAG/USD Price Analysis: Technical outlook

The XAG/USD fell below the latest cycle high seen on April 12 at $29.79, opening the door for deeper losses. Traders had witnessed the confirmation of a ‘double top’ chart pattern, opening the door to test key support levels on the way south.

The first one would be the psychological $29.00. A breach of the latter will expose previous key resistance levels that turned support, like the May 18, 2021, high of $28.74, followed by the June 10, 2021, high of $28.34. Up next would be the ‘double top’ objective at $27.80.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 29.5
Today Daily Change -1.23
Today Daily Change % -4.00
Today daily open 30.73
 
Trends
Daily SMA20 30.09
Daily SMA50 28.26
Daily SMA100 25.77
Daily SMA200 24.52
 
Levels
Previous Daily High 30.81
Previous Daily Low 29.78
Previous Weekly High 32.3
Previous Weekly Low 30.19
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 30.42
Daily Fibonacci 61.8% 30.17
Daily Pivot Point S1 30.07
Daily Pivot Point S2 29.41
Daily Pivot Point S3 29.04
Daily Pivot Point R1 31.1
Daily Pivot Point R2 31.47
Daily Pivot Point R3 32.13

 

 

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