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.

Christian Borjon Valencia FXStreet

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

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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