Silver prices have maintained their position above $29.50 for the second day, marking a 0.30% increase. Disappointing US Retail Sales data for May has led investors to anticipate potential rate cuts by the US central bank, impacting US Treasury yields and the dollar.
Technical Analysis of XAG/USD
Silver’s price shows a neutral to downward trend after peaking at $32.51, an eleven-year high. It has since fallen towards the 50-day moving average (DMA) at around $29.01. The Relative Strength Index (RSI) indicates a balance between buyers and sellers.
A rise above $30.00 could see silver targeting resistance at $30.25 and $31.00, potentially challenging the year-to-date high of $32.51. Conversely, a drop below $30.00 would find support at the 50-DMA of $29.01, the 100-DMA of $26.40, and the May 2 low of $26.02.
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