Silver Price Analysis: XAG/USD bounces back but stays bearish below $30.00

June 11, 2024 12:47 am

  • Silver recovers to $29.74, up from $29.14 low, yet remains under the $30.00 threshold.
  • Double top pattern hints at possible further declines; first support seen at $29.00.
  • Closing above $30.05 might test upper resistance, although current trends suggest continued price pressure.

Silver price trims some of its losses from last Friday, yet it remains under pressure as US Treasury bond yields along the short and long end of the curve rise. The XAG/USD trades at $29.74, gains some 2% after bouncing off daily lows of $29.14, still below the $30.00 a troy ounce value.

XAG/USD Price Analysis: Technical outlook

Silver’s double top chart pattern remains, hinting that spot prices could tumble lower. XAG/USD price fell below the May 24 low of $30.05, confirming the ‘double top’ chart pattern.

That said, the XAG/USD first support would be the $29.00 mark, followed by the June 7 low of $29.12. A breach of the latter opened the door for a drop below $29.00, followed by 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.

Conversely, if XAG/USD aims upwards and registers a daily close above $29.00, that would pave the way to challenge the May 24 low, turning resistance at $30.05; buyers are struggling to reclaim $30.00, paving the way for further downside.

XAG/USD Price Action – Daily Chart

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