Silver Price Analysis: XAG/USD Collapses Below $30.00 As Double Top Emerges
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- Silver breaches key support levels amid ‘double top’ chart pattern confirmation.
- XAG/USD fall amid lower US T-bond yields as traders book profits.
- XAG/USD double top pattern objective would be $27.80.
Silver prices sank sharply on Tuesday amid falling US Treasury bond yields and a firm US dollar. The grey metal dropped more than 4% at the time of writing and trades at $29.48 after the XAG/USD hit a daily high of $30.88.
XAG/USD Price Analysis: Technical outlook
The XAG/USD fell below the latest cycle high seen on April 12 at $29.79, opening the door for deeper losses. Traders had witnessed the confirmation of a ‘double top’ chart pattern, opening the door to test key support levels on the way south.
The first one would be the psychological $29.00. A breach of the latter will expose previous key resistance levels that turned support, like the May 18, 2021, high of $28.74, followed by the June 10, 2021, high of $28.34. Up next would be the ‘double top’ objective at $27.80.
XAG/USD Price Action – Daily Chart
XAG/USD
OVERVIEW | |
---|---|
Today last price | 29.5 |
Today Daily Change | -1.23 |
Today Daily Change % | -4.00 |
Today daily open | 30.73 |
TRENDS | |
---|---|
Daily SMA20 | 30.09 |
Daily SMA50 | 28.26 |
Daily SMA100 | 25.77 |
Daily SMA200 | 24.52 |
LEVELS | |
---|---|
Previous Daily High | 30.81 |
Previous Daily Low | 29.78 |
Previous Weekly High | 32.3 |
Previous Weekly Low | 30.19 |
Previous Monthly High | 32.51 |
Previous Monthly Low | 26.02 |
Daily Fibonacci 38.2% | 30.42 |
Daily Fibonacci 61.8% | 30.17 |
Daily Pivot Point S1 | 30.07 |
Daily Pivot Point S2 | 29.41 |
Daily Pivot Point S3 | 29.04 |
Daily Pivot Point R1 | 31.1 |
Daily Pivot Point R2 | 31.47 |
Daily Pivot Point R3 | 32.13 |
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When do we see the double top on the weekly or monthly?