Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections (SEP).
Silver prices have fallen aggressively during the last six days, with losses of more than 7%. Momentum supports further downside as RSI turned bearish. Key support levels are seen at $28.74, followed by $26.40 and $26.02. Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections .
Hence, if XAG/USD achieves a daily close below the 50-DMA, the Silver price could plunge to the next support level seen at the 100-DMA at $26.40, ahead of the May 2 low of $26.02. On the other hand, if Silver buyers conquer $29.00, they must clear the $30.00 handle, if they would like to re-test the year-to-date high of $32.51. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 28.96 Today Daily Change -0.77 Today Daily Change % -2.59 Today daily open 29.
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