Silver Price Analysis: XAG/USD downward pressured as US bond yields rise

Silver falls past the $23.88/80 confluence of the 50 and 20-day EMAs.
Further losses could be seen if Silver breaks below the 100-day EMA at $23.52, with the next target being the June 8 low of $23.41.
On the upside, a break above $23.90 could pave the way toward the $24.00 level.

Christian Borjon Valencia FXStreet

Silver price extended its losses past the confluence of the 20 and 50-day Exponential Moving Averages(EMAs) as higher US Treasury bond yields sparked a sell-off of the white metal. XAG/USD’s sellers targeted the 100-day EMA at $23.52 but could not achieve their goal. The XAG/USD trades at $23.68.

XAG/USD Price Analysis: Technical outlook

Silver tumbled below the $23.88/80 confluence of the 50 and 20-day EMAs, extending its losses past an upslope support trendline drawn since the beginning of June. Even though XAG/USD remains in consolidation, a drop below the 100-day EMA at $23.52 will send the white metal tumbling toward the June 8 low of $23.41 before challenging the $23.00 mark.

In that outcome, the XAG/USD’s next support would be the important 200-day EMA at $22.92, which, once cleared, would pave the way for additional losses.

For a bullish continuation, XAG/USD buyers must reclaim $23.90, so they can threaten to break $24.00. A breach of the latter will expose Silver to further buying pressure. XAG/USD can rally towards the next resistance at April 25 low-turned resistance at $24.49 before challenging $25.00.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.69
Today Daily Change	-0.37
Today Daily Change %	-1.54
Today daily open	24.06

Trends
Daily SMA20	23.58
Daily SMA50	24.49
Daily SMA100	23.35
Daily SMA200	22.29

Levels
Previous Daily High	24.3
Previous Daily Low	23.88
Previous Weekly High	24.53
Previous Weekly Low	23.25
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	24.04
Daily Fibonacci 61.8%	24.14
Daily Pivot Point S1	23.86
Daily Pivot Point S2	23.66
Daily Pivot Point S3	23.43
Daily Pivot Point R1	24.28
Daily Pivot Point R2	24.5
Daily Pivot Point R3	24.7

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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