Silver Price Analysis: XAG/USD dips below $23.00 on high US yields, as evening-star emerges

Silver falls 1% influenced by surging US Treasury yields and Fed's resistance to a March rate cut.
Technical analysis shows XAG/USD with a neutral to downward bias; key support at $22.48, and $22.00.
Potential rebound above $23.00 could challenge the 100-day DMA at $23.23, with further targets at $23.58/66 and the $24.00 level.

Christian Borjon Valencia FXStreet

Silver price slumps below $23.00 a troy ounce, down 1% on the day, as US Treasury yields soar due to Federal Reserve (Fed) officials pushing back against a March rate cut. Consequently, the non-yielding metal has dropped and printed a two-day low at around $22.86.

From a technical standpoint, XAG/USD is neutral to downward biased, though the grey metal hasn’t been able to drop below the January 11 daily low of $22.48, which could pave the way for further downside. The formation of an ‘evening star’ exacerbated Silver’s fall, with the next support level seen as the $22.00 figure, followed by the November 13 swing low of $21.88.

On the other hand, if XAG/USD’s buyers lift prices above $23.00, they could threaten to challenge the 100-day moving average (DMA) at $23.23. Further upside is seen at the confluence of the 200 and 50-day moving averages (DMAs) at $23.58/66, before testing the $24.00 threshold.

XAG/USD Price Action – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	22.97
Today Daily Change	-0.24
Today Daily Change %	-1.03
Today daily open	23.21

Trends
Daily SMA20	23.6
Daily SMA50	23.66
Daily SMA100	23.26
Daily SMA200	23.62

Levels
Previous Daily High	23.33
Previous Daily Low	23.11
Previous Weekly High	23.53
Previous Weekly Low	22.48
Previous Monthly High	25.92
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	23.25
Daily Fibonacci 61.8%	23.2
Daily Pivot Point S1	23.1
Daily Pivot Point S2	23
Daily Pivot Point S3	22.88
Daily Pivot Point R1	23.32
Daily Pivot Point R2	23.44
Daily Pivot Point R3	23.54

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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