Silver Price Analysis: XAG/USD slumps below $29.00 as bears eye 50-DMA

Silver prices have fallen aggressively during the last six days, with losses of more than 7%.
Momentum supports further downside as RSI turned bearish.
Key support levels are seen at $28.74, followed by $26.40 and $26.02.

Christian Borjon Valencia FXStreet

Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections (SEP). At the time of writing, the XAG/USD trades at $28.95.

XAG/USD Price Analysis: Technical outlook

From a price action standpoint, the XAG/USD is neutral to upward biased. The downtrend is capped by the presence of the 50-day moving average (DMA) at around $28.74, which is seen as the first support level. The grey metal bounced from around three-week lows of $28.66 to current spot prices.

Momentum remains bearish, as the Relative Strength Index (RSI) depicts. Hence, if XAG/USD achieves a daily close below the 50-DMA, the Silver price could plunge to the next support level seen at the 100-DMA at $26.40, ahead of the May 2 low of $26.02.

On the other hand, if Silver buyers conquer $29.00, they must clear the $30.00 handle, if they would like to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	28.96
Today Daily Change	-0.77
Today Daily Change %	-2.59
Today daily open	29.73

Trends
Daily SMA20	30.65
Daily SMA50	28.89
Daily SMA100	26.28
Daily SMA200	24.72

Levels
Previous Daily High	30.26
Previous Daily Low	29.18
Previous Weekly High	31.55
Previous Weekly Low	29.12
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.85
Daily Fibonacci 61.8%	29.59
Daily Pivot Point S1	29.19
Daily Pivot Point S2	28.65
Daily Pivot Point S3	28.12
Daily Pivot Point R1	30.26
Daily Pivot Point R2	30.8
Daily Pivot Point R3	31.33

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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