Silver Price Analysis: XAG/USD tumbles and remains bearish below $29.00

Silver drops influenced by Fed's Core PCE Price Index anticipation.
Last week's bearish engulfing pattern and RSI hint at more declines.
Support levels: $28.28 (June 10 high), $28.00, $27.01 (May 8 low), $26.82 (100-DMA).
Resistance points: $29.17 (50-DMA), $31.54 (June 7 high), $32.00, $32.51 (YTD high).

Christian Borjon Valencia FXStreet

Silver price fell on Wednesday as market participants awaited the release of the Fed’s preferred inflation gauge, the core Personal Consumption Expenditure (PCE) Price Index, after releases from major countries hinted at a reacceleration of inflation. The XAG/USD spot price is at $28.76, down by 0.46%.

XAG/USD Price Analysis: Technical outlook

The grey metal formed a ‘bearish engulfing’ chart pattern last week, indicating potential for further downside. Momentum support sellers, as measured by the bearish Relative Strength Index (RSI), suggest that silver could extend its losses.

Therefore, XAG/USD's first support is the June 10, 2021, high at $28.28. A breach of the latter will expose the psychological $28.00 mark, followed by the May 8 swing low of $27.01, ahead of the 100-DMA at $26.82.

Conversely, if XAG/USD resumes its uptrend, the next resistance level would be the 50-day moving average (DMA) at $29.17. Surpassing this level would target the June 7 high of $31.54. Clearing this would aim for $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	28.77
Today Daily Change	-0.14
Today Daily Change %	-0.48
Today daily open	28.91

Trends
Daily SMA20	29.95
Daily SMA50	29.18
Daily SMA100	26.88
Daily SMA200	25.01

Levels
Previous Daily High	29.67
Previous Daily Low	28.84
Previous Weekly High	30.86
Previous Weekly Low	28.93
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.16
Daily Fibonacci 61.8%	29.35
Daily Pivot Point S1	28.61
Daily Pivot Point S2	28.32
Daily Pivot Point S3	27.79
Daily Pivot Point R1	29.44
Daily Pivot Point R2	29.96
Daily Pivot Point R3	30.26

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 is keeping its range above 1.1400 in Tuesday's European session, as the US Dollar (USD) retreats following Monday's rebound. Nevertheless, the uncertainty around the US-Iran conflict limits the pair's upside. Meanwhile, the Euro (EUR) pays little heed to the strong German sentiment data, as traders await Thursday's European Central Bank policy announcements, 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.