Forex News Timeline

Wednesday, June 26, 2024

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 (May 18 high), $28.28 (June 10 high), $28.00, $26.82 (100-DMA).Resistance points: $29.16 (50-DMA), $31.54 (June 7 high), $32.00, $32.51 (YTD high).Silver price collapsed on Tuesday amid a strong US Dollar, sponsored by hawkish comments by Fed Governor Michelle Bowman. 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 (DMA) for the first time since March 1. XAG/USD Price Analysis: Technical outlook The grey metal formed a ‘bearish engulfing’ chart pattern last week, which opened the door for further downside. Momentum favors sellers, as shown by the Relative Strength Index (RSI), which stands bearish. This suggests that Silver could extend its losses. Hence, the XAG/USD's first support would be the May 18, 2021, high turned support at $28.74, ahead of challenging June 10, 2021, high at $28.28. 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 (DMA) 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 (YTD) high of $32.51. XAG/USD Price Action – Daily ChartXAG/USD Overview Today last price 28.91 Today Daily Change -0.67 Today Daily Change % -2.27 Today daily open 29.58   Trends Daily SMA20 30.11 Daily SMA50 29.16 Daily SMA100 26.81 Daily SMA200 24.98   Levels Previous Daily High 29.73 Previous Daily Low 29.35 Previous Weekly High 30.86 Previous Weekly Low 28.93 Previous Monthly High 32.51 Previous Monthly Low 26.02 Daily Fibonacci 38.2% 29.58 Daily Fibonacci 61.8% 29.49 Daily Pivot Point S1 29.38 Daily Pivot Point S2 29.17 Daily Pivot Point S3 29 Daily Pivot Point R1 29.75 Daily Pivot Point R2 29.93 Daily Pivot Point R3 30.13    
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