Silver Price Analysis: XAG/USD slumps below $29.00 as bears eye 50-DMA

Silver prices have fallen aggressively during the last six days, with losses of more than 7%.
Momentum supports further downside as RSI turned bearish.
Key support levels are seen at $28.74, followed by $26.40 and $26.02.

Christian Borjon Valencia FXStreet

Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections (SEP). At the time of writing, the XAG/USD trades at $28.95.

XAG/USD Price Analysis: Technical outlook

From a price action standpoint, the XAG/USD is neutral to upward biased. The downtrend is capped by the presence of the 50-day moving average (DMA) at around $28.74, which is seen as the first support level. The grey metal bounced from around three-week lows of $28.66 to current spot prices.

Momentum remains bearish, as the Relative Strength Index (RSI) depicts. Hence, if XAG/USD achieves a daily close below the 50-DMA, the Silver price could plunge to the next support level seen at 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 would like to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	28.96
Today Daily Change	-0.77
Today Daily Change %	-2.59
Today daily open	29.73

Trends
Daily SMA20	30.65
Daily SMA50	28.89
Daily SMA100	26.28
Daily SMA200	24.72

Levels
Previous Daily High	30.26
Previous Daily Low	29.18
Previous Weekly High	31.55
Previous Weekly Low	29.12
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.85
Daily Fibonacci 61.8%	29.59
Daily Pivot Point S1	29.19
Daily Pivot Point S2	28.65
Daily Pivot Point S3	28.12
Daily Pivot Point R1	30.26
Daily Pivot Point R2	30.8
Daily Pivot Point R3	31.33

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 struggles to find direction and fluctuates in a narrow channel above 1.1400 on Tuesday, as the US Dollar (USD) stabilizes following Monday's rebound. The uncertainty around the US-Iran conflict limits the pair's upside but traders refrain from taking large positions ahead of the European Central Bank policy announcements on Thursday, 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.