Market news
30.04.2024, 20:12

Silver Price Analysis: XAG/USD plunges over 3%, back beneath $27.00

  • Silver drops to $26.29 amid a strengthening US Dollar and rising Treasury yields, influenced by higher employment costs.
  • Technical support is identified near $26.12, the high from May 5, 2023. Additional support might be found around the 78.6% Fibonacci retracement and the 50-day moving average at approximately $25.50/57.
  • A rebound above $27.00 could set the stage for silver to target the recent high of $27.73 and challenge the $28.00 resistance level.

Silver's price dropped sharply late in the North American session, as the Greenback staged a comeback bolstered by the rise in US Treasury yields. The rise in the US Employment Cost Index (ECI) reignited talks that the Federal Reserve might delay its rate cuts due to inflation pressures. The XAG/USD trades at $26.29, down more than 3%.

XAG/USD Price Analysis: Technical outlook

The daily chart suggests the grey metal is upward biased despite Silver’s fall, which would likely see support emerging at $26.12, May 5, 2023, high. A breach of the latter will expose the confluence of the 78.6% Fibonacci retracement and the 50-day moving average (DMA) at around $25.50/57.

Otherwise, if XAG/USD recovers and edges back above the $27.00 figure, that could open the door to retesting higher prices. Subsequent gains are seen above the April 26 high at $27.73, followed by the $28.00 figure.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 26.3
Today Daily Change -0.84
Today Daily Change % -3.10
Today daily open 27.14
 
Trends
Daily SMA20 27.68
Daily SMA50 25.49
Daily SMA100 24.32
Daily SMA200 23.79
 
Levels
Previous Daily High 27.44
Previous Daily Low 26.97
Previous Weekly High 28.69
Previous Weekly Low 26.67
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 27.15
Daily Fibonacci 61.8% 27.26
Daily Pivot Point S1 26.93
Daily Pivot Point S2 26.72
Daily Pivot Point S3 26.46
Daily Pivot Point R1 27.4
Daily Pivot Point R2 27.65
Daily Pivot Point R3 27.86

 

 

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