Silver Price Analysis: XAG/USD prints a leg-up despite remaining bearish

Silver trades slightly up by 0.16% due to the soft US Dollar.
Technical outlook shows a bearish engulfing pattern from last week, with RSI indicating bearish momentum.
Key support levels: 50-DMA at $29.14, $29.00, MTD low at $28.66, and 100-DMA at $26.82.
Key resistance levels: June 7 high at $31.54, $32.00, and YTD high at $32.51.

Christian Borjon Valencia FXStreet

Silver prices remain flat on Monday amid firm US Treasury yields and a weaker US Dollar. The XAG/USD trades at $29.58, up a minimal 0.16%.

XAG/USD Price Analysis: Technical outlook

Last week, the grey metal formed a ‘bearish engulfing’ chart pattern, which opened the door for further downside. Momentum shifted in the seller's favor as the Relative Strength Index (RSI) turned bearish, opening the door for further losses.

Given the backdrop, the XAG/USD's first support would be the 50-day moving average (DMA) at $29.14; it will expose $29.00. Breaching this level could lead to the MTD low of $28.66, ahead of a potential drop towards the 100-DMA at $26.82.

On the flip side, if XAG/USD resumes its uptrend, the next resistance level is the June 7 high of $31.54. Clearing this level would target $32.00 before challenging the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	29.59
Today Daily Change	0.04
Today Daily Change %	0.14
Today daily open	29.55

Trends
Daily SMA20	30.22
Daily SMA50	29.15
Daily SMA100	26.74
Daily SMA200	24.95

Levels
Previous Daily High	30.86
Previous Daily Low	29.47
Previous Weekly High	30.86
Previous Weekly Low	28.93
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	30
Daily Fibonacci 61.8%	30.33
Daily Pivot Point S1	29.06
Daily Pivot Point S2	28.57
Daily Pivot Point S3	27.67
Daily Pivot Point R1	30.45
Daily Pivot Point R2	31.34
Daily Pivot Point R3	31.83

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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