Silver price collapsed on Tuesday amid a strong US Dollar, sponsored by hawkish comments by Fed Governor Michelle Bowman.
Silver drops to $28.90, under 50-day MA, after Fed's Bowman's hawkish remarks. Bearish pattern evident, with RSI suggesting further downside. Support levels: $28.74 , $28.28 , $28.00, $26.82 . Resistance points: $29.16 , $31.54 , $32.00, $32.51 . Although US Treasury yields were unchanged, the Greenback registered moderate gains, which weighed on the grey metal. The XAG/USD trades at $28.90, below its 50-day moving average for the first time since March 1.
Key support levels lie underneath, like the $28.00 figure, followed by the 100-DMA at $26.82. Conversely, if XAG/USD resumes its uptrend, the next resistance level would be the 50-day moving average at $29.16. Once surpassed, the next stop is the June 7 high of $31.54. Clearing this level would target $32.00 before challenging the year-to-date high of $32.51. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 28.91 Today Daily Change -0.67 Today Daily Change % -2.
XAGUSD Technical Analysis Metals Silver
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