Silver prices sank sharply on Tuesday amid falling US Treasury bond yields and a firm US dollar.
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. 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.
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.
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