Silver Price Analysis: XAG/USD plummets over 2%, bears target $30.00

Source Fxstreet
May 23, 2024 22:18
  • Silver falls 2.18%, trading at $30.10, as strong US business activity data impacts the market.
  • Key support levels: $30.00 psychological level, April 12 high at $29.79, and $29.00.
  • Additional support at May 18, 2021, high of $28.74 and June 10, 2021, high of $28.28.

Silver price tumbled more than 2% on Thursday as economic data from the United States showed that business activity is faring well amid a high interest rates economy. At the time of writing, the XAG/USD trades at $30.10, down 2.18%.

XAG/USD Price Analysis: Technical outlook

Silver’s uptrend remains intact, but the rapid and strong movement has led to a mean reversion. The buyer’s momentum is fading, as hinted by the Relative Strength Index (RSI) falling below the 70.00 level, aiming toward the 50-midline. This suggests that sellers are gathering control.

Given this context, the first support level for XAG/USD would be the $30.00 psychological level. If further weakness occurs, the next support level would be the April 12 high, now turned support, at $29.79, followed by $29.00. Additional key support levels include the May 18, 2021, high at $28.74, and the June 10, 2021, high at $28.28.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 30.12
Today Daily Change -0.66
Today Daily Change % -2.14
Today daily open 30.78
 
Trends
Daily SMA20 28.43
Daily SMA50 27.28
Daily SMA100 25.13
Daily SMA200 24.21
 
Levels
Previous Daily High 32.2
Previous Daily Low 30.76
Previous Weekly High 31.6
Previous Weekly Low 27.97
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 31.31
Daily Fibonacci 61.8% 31.65
Daily Pivot Point S1 30.29
Daily Pivot Point S2 29.8
Daily Pivot Point S3 28.84
Daily Pivot Point R1 31.73
Daily Pivot Point R2 32.69
Daily Pivot Point R3 33.18

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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