Silver Price Analysis: XAG/USD plummets over 2%, bears target $30.00

Silver falls 2.18%, trading at $30.10, as strong US business activity data impacts the market.
Key support levels: $30.00 psychological level, April 12 high at $29.79, and $29.00.
Additional support at May 18, 2021, high of $28.74 and June 10, 2021, high of $28.28.

Christian Borjon Valencia FXStreet

Silver price tumbled more than 2% on Thursday as economic data from the United States showed that business activity is faring well amid a high interest rates economy. At the time of writing, the XAG/USD trades at $30.10, down 2.18%.

XAG/USD Price Analysis: Technical outlook

Silver’s uptrend remains intact, but the rapid and strong movement has led to a mean reversion. The buyer’s momentum is fading, as hinted by the Relative Strength Index (RSI) falling below the 70.00 level, aiming toward the 50-midline. This suggests that sellers are gathering control.

Given this context, the first support level for XAG/USD would be the $30.00 psychological level. If further weakness occurs, the next support level would be the April 12 high, now turned support, at $29.79, followed by $29.00. Additional key support levels include the May 18, 2021, high at $28.74, and the June 10, 2021, high at $28.28.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	30.12
Today Daily Change	-0.66
Today Daily Change %	-2.14
Today daily open	30.78

Trends
Daily SMA20	28.43
Daily SMA50	27.28
Daily SMA100	25.13
Daily SMA200	24.21

Levels
Previous Daily High	32.2
Previous Daily Low	30.76
Previous Weekly High	31.6
Previous Weekly Low	27.97
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	31.31
Daily Fibonacci 61.8%	31.65
Daily Pivot Point S1	30.29
Daily Pivot Point S2	29.8
Daily Pivot Point S3	28.84
Daily Pivot Point R1	31.73
Daily Pivot Point R2	32.69
Daily Pivot Point R3	33.18

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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