Silver Price Analysis: XAG/USD Tumbles And Remains Bearish Below $29.00 -

Silver Price Analysis: XAG/USD Tumbles And Remains Bearish Below $29.00

Jun 26, 2024Jeremy ParkinsonFinance0

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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).

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

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