Silver Price Analysis: XAG/USD slumps amid hawkish Fed comments, high US yields

Silver's price drops to $29.49, posting minimal losses of 0.38%.
First support level at the 50-day moving average near $29.01.
If Silver buyers clear $30.00, a re-test of the YTD high of $32.51 is possible.

Christian Borjon Valencia FXStreet

Silver's price edged lower and posted minimal losses of 0.38% on Monday. Elevated US Treasury bond yields amid Fed hawkish commentary undermined the grey metal. Therefore, the XAG/USD trades at $29.49 at the time of writing.

XAG/USD Price Analysis: Technical outlook

The grey metal is neutral to downward biased after hitting an eleven-year high of 32.51. Since then, the pair retreated towards an area near the 50-day moving average (DMA) at around $29.01, which is the first support level.

Momentum turned bearish, with the Relative Strength Index (RSI) standing below the 50-midline.

Therefore, the first support level for XAG/USD would be the 50-DMA. If the Silver price dives below that level, the next support level will be the 100-DMA at $26.40, ahead of the May 2 low of $26.02.

On the other hand, if Silver buyers conquer $29.00, they must clear the $30.00 handle if they want to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	29.5
Today Daily Change	-0.06
Today Daily Change %	-0.20
Today daily open	29.56

Trends
Daily SMA20	30.53
Daily SMA50	28.97
Daily SMA100	26.41
Daily SMA200	24.78

Levels
Previous Daily High	29.59
Previous Daily Low	28.83
Previous Weekly High	30.26
Previous Weekly Low	28.66
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.3
Daily Fibonacci 61.8%	29.12
Daily Pivot Point S1	29.06
Daily Pivot Point S2	28.57
Daily Pivot Point S3	28.31
Daily Pivot Point R1	29.82
Daily Pivot Point R2	30.08
Daily Pivot Point R3	30.57

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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