Silver Price Analysis: XAG/USD prints slight gains yet remains below $23.00
|- Silver rises slightly to $22.99, supported by lower US Treasury yields and a weaker Dollar, boosting demand for precious metals.
- Facing technical resistance at $23.13-15, with the 200-DMA at $23.28 posing a major obstacle for further gains.
- Downside risk if silver breaches $23, eyeing February's lows; success above immediate resistances critical for upward momentum.
Silver clings to minuscule gains late in the New York session on Tuesday, up 0.04%, and is trading at around $22.99 a troy ounce. Falling US Treasury bond yields and the Greenback are the main catalysts for the rise in precious metals, while technical resistance levels capped the XAG/USD upside.
XAG/USD rose briefly toward the confluence of the 50 and 100-day Moving Averages (DMAs) at around $23.13-15 during Tuesday’s session but failed to challenge the 200-DMA at $23.28. As a ‘dark cloud cover’ looms, bears dragged Silver’s price below $23.00, which could open the door to test the February 18 low of $22.80. A breach of the latter will accelerate the downtrend towards the February 15 low of $22.35, followed by the $22.00 figure.
Conversely, if buyers reclaim $23.15, that will open the door for further gains. The first resistance would be the 200-DMA at $23.28, followed by the current year-to-date (YTD) high at $24.09.
XAG/USD Price Action – Daily Chart
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