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.

AUD/USD extends the range play above 0.7200 as traders await US inflation data

AUD/USD is seen extending its consolidative price move above 0.7200 during the Asian session on Thursday amid mixed cues. Rising RBA rate-hike bets keep the Aussie close to its highest level since May 14. However, hawkish Fed expectations and escalating US-Iran tensions offer some support to the US Dollar, capping the currency pair as traders await US inflation figures.

USD/JPY consolidates around 153.50 as bears turn cautious ahead of US inflation

USD/JPY stabilizes above 153.50 during the Asian session on Thursday, but remains near a seven-month low set earlier this week as hawkish BoJ repricing continues to underpin the Japanese Yen. Meanwhile, rising September Fed rate-hike bets and escalating US-Iran tensions help ease US Dollar selling pressure, offering some support to the currency pair ahead of US inflation figures.

Gold resumes its decline below $4,400

Gold maintains an erratic trade so far this week, now slipping back below the key $4,400 mark per troy ounce following the stronger US Dollar and a strong rebound in US Treasury yields across the curve, particularly following US Producer Prices.

Raydium's rally signals trend reversal amid network growth, buyback

Raydium maintains a firm bullish tone, posting nearly 9% gains, and extending its 41% rally from Sunday. Solana-based Decentralized Exchange is witnessing a surge in network activity and growth amid new token launches. The technical outlook for Raydium signals a potential upside toward $1.50 as momentum holds firm despite overbought conditions.

Jobs opened the door for the Fed — inflation decides whether it walks through

The latest US jobs report did not end the debate over the Federal Reserve’s (Fed) next move. It may have done something more subtle: it gave policymakers permission to keep their options open. After months of softer labour market signals, August delivered a stronger-than-expected rebound.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.