Silver Price Analysis: XAG/USD tumbles below $32.00 as ‘double top’ looms

Silver prices dropped on Wednesday, closing the session at $31.97.
Price action suggests ‘double top’ looming, yet pending validation.
Watch key levels: $31.00 psychological support, May 24 high at $30.61, and $30.00 for pattern confirmation.

Christian Borjon Valencia FXStreet

Silver prices posted modest losses of 0.32% on Wednesday as US Treasury bond yields edged up, downward pressure on precious metals. Therefore, the XAG/USD retreated after hitting a six-day high of $32.29, and as the Asian session began, it traded at $31.97, almost flat.

XAG/USD Price Analysis: Technical outlook

Silver is upward based, but a ‘double top’ chart pattern seems to be forming on the daily chart. Momentum supports buyers, yet they’re losing steam as the Relative Strength Index (RSI) is flat near overbought conditions.

For confirmation of a ‘double top,’ the grey metal needs to drop below $30.00 a troy ounce. Nevertheless, on its way there, the XAG/USD needs to clear the $31.00 psychological level, followed by the May 24 high of $30.61, ahead of the $30.00 mark.

If XAG/USD buyers reclaim $32.00, that could pave the way to re-test the year-to-date (YTD) high of $32.51.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price	31.98
Today Daily Change	-0.12
Today Daily Change %	-0.37
Today daily open	32.1

Trends
Daily SMA20	29.25
Daily SMA50	27.77
Daily SMA100	25.45
Daily SMA200	24.38

Levels
Previous Daily High	32.25
Previous Daily Low	31.24
Previous Weekly High	32.51
Previous Weekly Low	30.05
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	31.86
Daily Fibonacci 61.8%	31.63
Daily Pivot Point S1	31.48
Daily Pivot Point S2	30.86
Daily Pivot Point S3	30.48
Daily Pivot Point R1	32.49
Daily Pivot Point R2	32.87
Daily Pivot Point R3	33.49

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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