Silver Price Analysis: XAG/USD retreats amid strong US Dollar

Silver drops in late trading, impacted by a strong US Dollar and falling Treasury yields.
Remains technically bullish, trading within key Fibonacci levels from $24.33 to $29.78.
Resistance at $27.70, support at $27.05; market trends could push price to $28.00 or below $27.00.

Christian Borjon Valencia FXStreet

Silver price slid late in the North American session due to overall US Dollar strength across the board amid falling US Treasury yields. Despite that, the XAG/USD trades at $27.23, down 0.71%.

XAG/USD Price Analysis: Technical outlook

The grey metal remains upward-biased despite retreating toward the $27.20 area on Tuesday. It should be said that XAG/USD is still trading within the 50% and 38.2% Fibonacci retracements, drawn from the latest cycle low and high, each at $24.33 and $29.78, respectively.

If Silver buyers would like to regain control, they must clear the 38.2% Fibo retracement at $27.70. Once surpassed, emerge key resistance levels, like the $28.00 psychological figure, followed by the 23.6% Fibo retracement at $28.49 ahead of $29.00.

On the flip side, if sellers want to push prices lower, they must drag prices below the 50% Fibo retracement at $27.05. Once done, sellers must clear $27.00, followed by the confluence of the May 2 low and the 50-day moving average (DMA) at $26.02/08.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	27.24
Today Daily Change	-0.20
Today Daily Change %	-0.73
Today daily open	27.44

Trends
Daily SMA20	27.58
Daily SMA50	25.87
Daily SMA100	24.48
Daily SMA200	23.84

Levels
Previous Daily High	27.48
Previous Daily Low	26.44
Previous Weekly High	27.44
Previous Weekly Low	26.02
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	27.08
Daily Fibonacci 61.8%	26.84
Daily Pivot Point S1	26.76
Daily Pivot Point S2	26.07
Daily Pivot Point S3	25.71
Daily Pivot Point R1	27.81
Daily Pivot Point R2	28.17
Daily Pivot Point R3	28.86

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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