Silver Price Analysis: XAG/USD dip amid rising US yields, the 200-DMA eyed

Silver price loses some territory for the second time in the week, down more than 0.50%.
High US Treasury bond yields and XAG/USD’s failure to climb above $24.00 would pave the way for a pullback.
If XAG/USD retraces past the 200-DMA, sellers target $22.70.

Christian Borjon Valencia FXStreet

Silver price reversed its course on Wednesday, registering decent losses of more than 0.40% as US Treasury bond yields advance due to American households’ upward reviewed inflation expectations for one year. Consequently, the US 10-year Treasury bond yield rose, a headwind for the grey metal, which trades at $23.57 after reaching a high of $23.94.

From a daily chart standpoint, the XAG/USD is neutral to upward biased, though, for the last three days, buyers had failed to crack the two-month high reached on November 17 at $24.14. Once that level is surrendered, the next stop would be the August 30 high at $25.00, followed by the July 19 at $25.23.

On the other hand, XAG/USD’s failure at $24.00 for the fifth time could open the door for further losses. The first support would be the 200-day moving average (DMA) at $23.30, followed by the 20-DMA at $23.03. A breach of the latter, Silver would continue diving toward the 50-DMA at $22.71.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	23.59
Today Daily Change	-0.19
Today Daily Change %	-0.80
Today daily open	23.78

Trends
Daily SMA20	23.02
Daily SMA50	22.71
Daily SMA100	23.23
Daily SMA200	23.3

Levels
Previous Daily High	24.02
Previous Daily Low	23.41
Previous Weekly High	24.15
Previous Weekly Low	21.88
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.79
Daily Fibonacci 61.8%	23.64
Daily Pivot Point S1	23.45
Daily Pivot Point S2	23.12
Daily Pivot Point S3	22.84
Daily Pivot Point R1	24.06
Daily Pivot Point R2	24.35
Daily Pivot Point R3	24.67

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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