Silver Price Analysis: XAG/USD sinks below $30.00 as bearish-engulfing pattern looms

Silver declines 3.86% sparked by firm US Treasury yields and a strong US Dollar.
Technical outlook shows a bearish engulfing pattern with RSI turning bearish, indicating potential further losses.
Key support levels: 50-DMA at $29.09, $29.00, and MTD low of $28.66, with deeper support at 100-DMA of $26.60.
Key resistance levels: June 7 high at $31.54, $32.00, and YTD high of $32.51.

Christian Borjon Valencia FXStreet

Silver price dropped sharply and snapped two days of gains amid firm US Treasury bond yields and a strong US Dollar. The grey metal trades at $29.53 , down 3.86%

XAG/USD Price Analysis: Technical outlook

Silver is still bullish biased though joining today and yesterday price action completed a ‘bearish engulfing,’ chart pattern. Momentum shifted in sellers’ favor as the Relative Strength Index (RSI) turned bearish and opened the door for further losses.

That said, XAG/USD's first support would be the 50-day moving average (DMA) at $29.09; 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 $26.60.

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	29.55
Today Daily Change	-1.18
Today Daily Change %	-3.84
Today daily open	30.73

Trends
Daily SMA20	30.26
Daily SMA50	29.11
Daily SMA100	26.68
Daily SMA200	24.92

Levels
Previous Daily High	30.79
Previous Daily Low	29.71
Previous Weekly High	30.26
Previous Weekly Low	28.66
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	30.38
Daily Fibonacci 61.8%	30.12
Daily Pivot Point S1	30.03
Daily Pivot Point S2	29.33
Daily Pivot Point S3	28.95
Daily Pivot Point R1	31.11
Daily Pivot Point R2	31.49
Daily Pivot Point R3	32.2

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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