SILVER PRICE ANALYSIS: XAG/USD COLLAPSES BELOW 50-DMA AS SURRENDERS $29.00
- Silver drops to $28.90, under 50-day MA, after Fed's Bowman's hawkish remarks.
- Bearish pattern evident, with RSI suggesting further downside.
- Support levels: $28.74 (May 18 high), $28.28 (June 10 high), $28.00, $26.82 (100-DMA).
- Resistance points: $29.16 (50-DMA), $31.54 (June 7 high), $32.00, $32.51 (YTD high).
Silver price collapsed on Tuesday amid a strong US Dollar, sponsored by hawkish comments by Fed Governor Michelle Bowman. Although US Treasury yields were unchanged, the Greenback registered moderate gains, which weighed on the grey metal. The XAG/USD trades at $28.90, below its 50-day moving average (DMA) for the first time since March 1.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.