Silver prices retreat from daily highs reached $29.01, dropping 2.63%, affected by high US Treasury yields, and stirring resistance around the $29.00 threshold.
Silver retreats to $28.09, unable to hold above the crucial $29 mark, indicating potential further declines. The 'dark cloud cover' technical pattern suggests vulnerability and possible downward movement. Focus remains on silver's ability to sustain above the $28.00 threshold, with key support and resistance levels closely watched. The XAG/USD trades at $28.09, breaking key support levels on its way toward current spot prices.
That said, XAG/USD could witness a pullback before buyers attempt to challenge the $29.00 mark. Given the backdrop, Siver’s first support would be $27.59, followed by the $27.00 mark. Further losses are seen at $26.29, the April 5 low. On the flip side, if buyers keep the XAG/USD spot price above $28.00, the next resistance levels are seen at the June 10, 2021, high at $28.28, followed by the May 18, 2021 high at $28.74. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 28.
XAGUSD Metals Technical Analysis Silver
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