Silver Price Analysis: XAG/USD retreats from weekly highs around $30.00

Silver rises 1.45% as Fed leaves policy unchanged, adjusts inflation outlook, and anticipates one rate cut.
XAG/USD shows a double-top pattern indicating potential declines; initial support at $29.00.
Resistance at $30.05; surpassing this could target recent highs, though buyers continue to face challenges.

Christian Borjon Valencia FXStreet

Silver prices registered solid gains of 1.45% on Wednesday, as the US Federal Reserve kept monetary policy unchanged while upwardly reviewing its inflation expectations and adjusted its estimates for the federal funds rate. As the US central bank projects one rate cut, the XAG/USD trades at $29.59, down 0.29% as Thursday’s Asian session begins.

XAG/USD Price Analysis: Technical Outlook

Silver's double-top chart pattern remains in effect, suggesting that the metal's spot prices might decline further. XAG/USD fell below the May 24 low of $30.05, confirming the double-top pattern.

The initial support for XAG/USD is at $29.00, followed by the June 7 low of $29.12. Breaking below this level could lead to a drop under $29.00, then to the May 18, 2021, high turned support of $28.74, and subsequently to the June 10, 2021, high of $28.34. The final target is the double top objective at $27.80.

Conversely, if XAG/USD moves upwards and closes above $29.00, it could challenge the May 24 low, which has turned into resistance at $30.05. Buyers are struggling to reclaim $30.00, indicating potential for further downside.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	29.64
Today Daily Change	0.36
Today Daily Change %	1.23
Today daily open	29.28

Trends
Daily SMA20	30.65
Daily SMA50	28.84
Daily SMA100	26.2
Daily SMA200	24.69

Levels
Previous Daily High	29.86
Previous Daily Low	29.04
Previous Weekly High	31.55
Previous Weekly Low	29.12
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.35
Daily Fibonacci 61.8%	29.55
Daily Pivot Point S1	28.92
Daily Pivot Point S2	28.56
Daily Pivot Point S3	28.09
Daily Pivot Point R1	29.75
Daily Pivot Point R2	30.22
Daily Pivot Point R3	30.58

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.

GBP/USD clings to small gains near 1.3450 after UK jobs data

GBP/USD trades in positive territory at around 1.3450 in the European session on Tuesday. The UK ILO Unemployment Rate remained at 4.9% in the three months to May, compared with expectations of 5%, but failed to provide any impetus to the British Pound's renewed uptick. Traders stay cautious amid US-Iran uncertainty and the UK political transition.

EUR/USD keeps range above 1.1400 after German ZEW

EUR/USD is keeping its range above 1.1400 in Tuesday's European session, as the US Dollar (USD) retreats following Monday's rebound. Nevertheless, the uncertainty around the US-Iran conflict limits the pair's upside. Meanwhile, the Euro (EUR) pays little heed to the strong German sentiment data, as traders await Thursday's European Central Bank policy announcements, which could drive the Euro's near-term valuation.

Gold extends recovery toward $4,100

Gold gains traction following Monday's choppy action and advances toward $4,100 on Tuesday. However, the uncertainty surrounding the conflict in the Middle East and growing expectations for a hawkish Federal Reserve policy outlook could make it difficult for the precious metal to gather bullish momentum in the near term.

Bitcoin extends advance as ETF inflows, Iran war mediators' proposal lift risk mood

Bitcoin extends its gains, trading above $65,800 after closing above the key technical hurdle the previous day. The bullish price action is further supported by the return of institutional demand, with spot Exchange Traded Funds continuing their inflows on Monday. In addition, the renewed hopes for peace between the US and Iran have lifted risk sentiment, providing an additional tailwind for the Crypto King.

Buy the dip on the Dow Jones and S&P? Forex Trading Gold descending triangle

Trading during a war, a pandemic, during trade disputes, and other geopolitical events, especially when some major players are sociopathic, can be quite challenging. The Iran war is no exception. The Iran war is no exception.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.