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Silver Price Analysis: XAG/USD tumbles below $32.00 as ‘double top’ looms

Silver prices dropped on Wednesday, closing the session at $31.97.
Price action suggests ‘double top’ looming, yet pending validation.
Watch key levels: $31.00 psychological support, May 24 high at $30.61, and $30.00 for pattern confirmation.

Christian Borjon Valencia FXStreet

Silver prices posted modest losses of 0.32% on Wednesday as US Treasury bond yields edged up, downward pressure on precious metals. Therefore, the XAG/USD retreated after hitting a six-day high of $32.29, and as the Asian session began, it traded at $31.97, almost flat.

XAG/USD Price Analysis: Technical outlook

Silver is upward based, but a ‘double top’ chart pattern seems to be forming on the daily chart. Momentum supports buyers, yet they’re losing steam as the Relative Strength Index (RSI) is flat near overbought conditions.

For confirmation of a ‘double top,’ the grey metal needs to drop below $30.00 a troy ounce. Nevertheless, on its way there, the XAG/USD needs to clear the $31.00 psychological level, followed by the May 24 high of $30.61, ahead of the $30.00 mark.

If XAG/USD buyers reclaim $32.00, that could pave the way to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview

Today last price

31.98

Today Daily Change

-0.12

Today Daily Change %

-0.37

Today daily open

32.1

Trends

Daily SMA20

29.25

Daily SMA50

27.77

Daily SMA100

25.45

Daily SMA200

24.38

Levels

Previous Daily High

32.25

Previous Daily Low

31.24

Previous Weekly High

32.51

Previous Weekly Low

30.05

Previous Monthly High

29.8

Previous Monthly Low

24.75

Daily Fibonacci 38.2%

31.86

Daily Fibonacci 61.8%

31.63

Daily Pivot Point S1

31.48

Daily Pivot Point S2

30.86

Daily Pivot Point S3

30.48

Daily Pivot Point R1

32.49

Daily Pivot Point R2

32.87

Daily Pivot Point R3

33.49

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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