Silver Price Analysis: XAG/USD retraces amidst sour market mood, strong US Dollar
|- Silver prices drop as XAG/USD trades at around $22.85, down 0.33%.
- XAG/USD remains downward biased after sliding below 200 and 50-day moving averages (DMAs).
- A breach of the 20-day Exponential Moving Average (DMA) at $22.20 could expose $22.00 and $20.77 levels.
Silver prices (XAG/USD) dropped in the mid-North American session on Wednesday as market sentiment turned negative, which usually underpins the grey metal. Nevertheless, an uptick in US Treasury bond yields and a strong US Dollar (USD), capped the XAG/USD advance towards the $24.00 figure. At the time of writing, Silver exchanges hands at $22.85, down 0.33%.
After sliding below the 200 and 50-day moving averages (DMAs), the XAG/USD remains downward biased, though shy of testing the 20-day Exponential Moving Average (DMA) at $22.20. A breach of the latter would expose $22.00, followed by the bottom of the Bollinger-Band at $20.77, but firstly, sellers must reclaim $21.00.
On the flip side, if XAG/USD reclaims the 50-DMA at $22.94, Silver could challenge the $23.00 figure, followed by the 200-DMA at $23.29, ahead of the top of the Bollinger-Bands at $23.69.
XAG/USD Price Action – Daily chart
XAG/USD Technical Levels
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