Silver Price Analysis: XAG/USD bounces back but stays bearish below $30.00

Silver recovers to $29.74, up from $29.14 low, yet remains under the $30.00 threshold.
Double top pattern hints at possible further declines; first support seen at $29.00.
Closing above $30.05 might test upper resistance, although current trends suggest continued price pressure.

Christian Borjon Valencia FXStreet

Silver price trims some of its losses from last Friday, yet it remains under pressure as US Treasury bond yields along the short and long end of the curve rise. The XAG/USD trades at $29.74, gains some 2% after bouncing off daily lows of $29.14, still below the $30.00 a troy ounce value.

XAG/USD Price Analysis: Technical outlook

Silver’s double top chart pattern remains, hinting that spot prices could tumble lower. XAG/USD price fell below the May 24 low of $30.05, confirming the ‘double top’ chart pattern.

That said, the XAG/USD first support would be the $29.00 mark, followed by the June 7 low of $29.12. A breach of the latter opened the door for a drop below $29.00, followed by 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.

Conversely, if XAG/USD aims upwards and registers a daily close above $29.00, that would pave the way to challenge the May 24 low, turning resistance at $30.05; buyers are struggling to reclaim $30.00, paving the way for further downside.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	29.75
Today Daily Change	0.58
Today Daily Change %	1.99
Today daily open	29.17

Trends
Daily SMA20	30.54
Daily SMA50	28.68
Daily SMA100	26.06
Daily SMA200	24.63

Levels
Previous Daily High	31.55
Previous Daily Low	29.12
Previous Weekly High	31.55
Previous Weekly Low	29.12
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	30.05
Daily Fibonacci 61.8%	30.62
Daily Pivot Point S1	28.34
Daily Pivot Point S2	27.52
Daily Pivot Point S3	25.91
Daily Pivot Point R1	30.77
Daily Pivot Point R2	32.38
Daily Pivot Point R3	33.21

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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