Silver Price Analysis: XAG/USD stays firm and consolidates around $29.50
Source Fxstreet
- Silver maintains gains above $29.50 for the second day, buoyed by rate cut speculation.
- Neutral to downward bias with first support at the 50-DMA near $29.01.
- Key resistance levels at $30.25 (June 12 high) and $31.00, with YTD high at $32.51 in sight.
Silver recovered some ground and traded above $29.50 for a second consecutive trading day, up by 0.30%. May’s US Retail Sales data disappointed investors and fueled expectations that the US central bank could cut rates this year. This weighed on US Treasury yields and the Greenback.
XAG/USD Price Analysis: Technical outlook
Silver’s metal is showing a neutral to downward bias after hitting an eleven-year high of $32.51. Since then, it has retreated towards the area near the 50-day moving average (DMA) at approximately $29.01, the first support level.
Momentum shows that neither buyers nor sellers remain in charge, as the Relative Strength Index (RSI) hovers at around the 50-midline.
That said, if XAG/USD rises past the $30.00 figure, the grey metal will extend its gains. The first resistance would be the June 12 high of $30.25 followed by the $31.00 mark, ahead of challenging the year-to-date (YTD) high of $32.51.
Conversely, if XAG/USD sellers keep prices below $30.00, the first support would be the 50-day moving average (DMA) at 29.01, followed by the 100-DMA at $26.40, followed by the May 2 low of $26.02.
XAG/USD Price – Daily Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Gold price (XAU/USD) trades in negative territory around $4,705 during the early Asian session on Thursday. The precious metal edges lower amid a temporary two-week ceasefire between the US and Iran.
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