•Silver prices fell on Wednesday, closing at $31.97.
•Price action suggests a “double top” is imminent, but remains to be confirmed.
•Key levels to watch: $31.00 psychological support, May 24 high of $30.61, and $30.00. As U.S. Treasury yields rose slightly, putting downward pressure on precious metals. As a result, silver retreated after hitting a six-day high of $32.29.
Silver price analysis: technical outlook
Silver is on the upside, but a “double top” chart pattern appears to be forming on the daily chart. Momentum has supported the bulls, but they are losing steam as the relative strength index (RSI) is flat and close to overbought conditions.
To confirm a "double top" silver would need to break below $30/oz. However, in the process it would need to break through the psychological $31.00 level, then the May 24 high of $30.61, and then the $30.00 level.
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