• 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.

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

 

 

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