Silver Price Analysis: XAG/USD dips below $23.00 and the 200-day EMA as US yields surge

Silver slides 1.82% as soaring US Treasury bond yields and heightened odds of a Fed rate hike in July weigh heavy.
Silver’s drop below the 200-day EMA may trigger further losses unless the $22.53 swing low offers a reprieve.
A possible rebound could see Silver testing the $23.00 mark and, if breached, a recovery to the 20-day EMA at $23.06.

Christian Borjon Valencia FXStreet

Silver price dropped below the $23.00 mark as US Treasury bond yield soared after the latest Fed’s minutes and a tranche of US economic data increased the odds for Fed’s July rate hike. At the time of writing, the XAG/USD is trading at $22.69, down 1.82%.

XAG/USD Price Analysis: Technical outlook

XAG/USD turned bearish during Thursday’s session. Silver’s price dropping below the 200-day Exponential Moving Average (EMA) at $22.93 opened the door for further losses, though so far failed to crack the May 26 swing low of $22.53.

If XAG/USD stays above the latter, the white metal could consolidate at around the $22.50-$22.90 range. Otherwise, Silver’s sliding below the bottom of the range will expose the June 22 swing low of $22.11 before testing $22.00. Once cleared, the XAG/USD next support will be the March 16 swing low of $21.47.

Conversely, if XAG/USD stages a comeback and reclaims the 200-day EMA, the XAG/USD’s next resistance will be the $23.00 psychological level. A breach of the latter will increase the odds for a recovery to the 20-day EMA at $23.06.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	22.7
Today Daily Change	-0.43
Today Daily Change %	-1.86
Today daily open	23.13

Trends
Daily SMA20	23.27
Daily SMA50	23.82
Daily SMA100	23.38
Daily SMA200	22.64

Levels
Previous Daily High	23.31
Previous Daily Low	22.77
Previous Weekly High	23.1
Previous Weekly Low	22.28
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	23.1
Daily Fibonacci 61.8%	22.98
Daily Pivot Point S1	22.83
Daily Pivot Point S2	22.53
Daily Pivot Point S3	22.29
Daily Pivot Point R1	23.37
Daily Pivot Point R2	23.61
Daily Pivot Point R3	23.9

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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