Silver prices dropped from daily highs that had reached around $32.09 earlier, even though US Treasury bond yields tumbled.
Silver prices tumbled even though US bond yields fell. The formation of an ‘evening star’ can pave the way to challenge lower prices. XAG/USD to consolidate around $31.00 if buyers hold firm around the latter. A late recovery of the US Dollar, trimming some of its losses, weighed on the grey metal, which is down more than 2.80%. At the time of writing, the XAG/USD trades at $31.06 and falls to three-day lows.
00, further losses lie beneath. The next support would be the May 24 latest cycle low of $30.05, followed by the April 12 high of $29.79. Once cleared, the next stop would be the $29.00 psychological level. On the flip side, if buyers keep silver spot prices above $31.00, that would pave the way for consolidation, around the $31.00/$32.00 range. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 31.11 Today Daily Change -0.86 Today Daily Change % -2.69 Today daily open 31.
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