Silver recovered some ground and traded above $29.50 for a second consecutive trading day, up by 0.30%.
Silver maintains gains above $29.50 for the second day, buoyed by rate cut speculation. Neutral to downward bias with first support at the 50-DMA near $29.01. Key resistance levels at $30.25 and $31.00, with YTD high at $32.51 in sight. May’s US Retail Sales data disappointed investors and fueled expectations that the US central bank could cut rates this year. This weighed on US Treasury yields and the Greenback.
The first resistance would be the June 12 high of $30.25 followed by the $31.00 mark, ahead of challenging the year-to-date high of $32.51. Conversely, if XAG/USD sellers keep prices below $30.00, the first support would be the 50-day moving average at 29.01, followed by the 100-DMA at $26.40, followed by the May 2 low of $26.02. XAG/USD Price – Daily Chart XAG/USD Overview Today last price 29.54 Today Daily Change 0.08 Today Daily Change % 0.27 Today daily open 29.46 Trends Daily SMA20 30.
XAGUSD Metals Technical Analysis Silver
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