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Silver Price Analysis: XAG/USD rises and tests ‘double top’ neckline around $30.00

Silver climbs to $29.98, gaining 1.69%, supported by weaker-than-expected US jobs data.
Technical outlook shows a double top pattern, indicating potential for further losses.
Key levels to watch: Resistance at $30.05; support at $29.79, $29.00, $28.74, $28.34, and the double top objective at $27.80.

Silver recovered some ground on Wednesday as US Treasury bond yields plunged due to weaker-than-expected US jobs data. At the time of writing, the XAG/USD trades at $29.98 and gains 1.69%.

XAG/USD Price Analysis: Technical outlook

A double top chart pattern emerged in Silver’s daily chart, opening the door for further losses. Although the grey metal climbed toward the May 24 low, turning resistance at $30.05, buyers are struggling to reclaim $30.00, paving the way for further downside.

If the XAG/USD falls below the latest cycle high seen on April 12 at $29.79, that would open the door to challenging $29.00. A breach of the latter will expose previous key resistance levels that turned support, like 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.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	30
Today Daily Change	0.50
Today Daily Change %	1.69
Today daily open	29.5

Trends
Daily SMA20	30.21
Daily SMA50	28.35
Daily SMA100	25.84
Daily SMA200	24.55

Levels
Previous Daily High	30.89
Previous Daily Low	29.38
Previous Weekly High	32.3
Previous Weekly Low	30.19
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.96
Daily Fibonacci 61.8%	30.31
Daily Pivot Point S1	28.96
Daily Pivot Point S2	28.41
Daily Pivot Point S3	27.44
Daily Pivot Point R1	30.47
Daily Pivot Point R2	31.44
Daily Pivot Point R3	31.98

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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