Silver price tumbled more than 3.50% during the North American session after the Federal Reserve revealed “hawkish tilted” minutes that showed some officials would like to raise rates if inflation warranted it.
Silver drops more than 3.50%, after hitting a daily high of $32.19. Fed's hawkish minutes prompt profit-taking in precious metals, impacting Gold and Silver . Key support levels for Silver : $30.00 psychological level, April 12 high at $29.79, and $29.00. Additional support: May 18, 2021, high at $28.74, and June 10, 2021, high at $28.28. Therefore, precious metals like Gold and Silver trimmed some of the weekly gains. The XAG/USD trades at $30.81 after reaching a daily high of $32.19.
With that said, the XAG/USD first support would be the $30.00 psychological level. On further weakness, the next floor level would be the April 12 high turned support at $29.79, followed by $29.00. The next key support levels would be the May 18, 2021, high at $28.74, and the June 10, 2021, high at $28.28. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 30.78 Today Daily Change -1.20 Today Daily Change % -3.75 Today daily open 31.98 Trends Daily SMA20 28.25 Daily SMA50 27.
XAGUSD Technical Analysis Silver
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