Silver Price Analysis: XAG/USD falls after clashing at $24.00, weighed by technical factors, strong USD

Silver prices dropped after testing weekly highs of $24.00, impacted by rising US bond yields.
Bullish momentum was curbed by the strong US Dollar and significant resistance at the $24.00 area, according to technical indicators.
Downward bias confirmed by bearish Relative Strength Index (RSI) and three-day Rate of Change (RoC).

Christian Borjon Valencia FXStreet

Silver price dropped after testing weekly highs of $24.00, and retraces weighed due to elevated US bond yields, strong US Dollar (USD), and technical indicators. The XAG/USD exchanges hands at around $23.40s after hitting a weekly high of $24.05.

XAG/USD Price Analysis: Technical outlook

XAG/USD remains neutral-to-downward biased, unable to break decisively above the $24.00 mark area. Technical indicators, like the 50- and 20-day Exponential Moving Averages (EMAs) confluence at $23.71-$23.87, dragged Silver’s spot price lower.

Furthermore, the Relative Strength Index (RSI) indicator and the three-day Rate of Change (RoC) portray that sellers are in charge, both at bearish territory warrant downward action.

Therefore, the XAG/USD first support would be the current week’s low at $23.25, which, once cleared, the white metal could extend its losses toward the $23.00 figure. If XAG/USD slides further will challenge the 200-day EMA at $22.87.

Otherwise, the XAG/USD resistance area would be the abovementioned confluence of the 20/50-day EMAs, at around $23.71-$23.87, which, once breached, could spark a test of $24.00. if XAG/USD clears that area, the next supply zone would be the $25.00 mark.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.44
Today Daily Change	-0.16
Today Daily Change %	-0.68
Today daily open	23.6

Trends
Daily SMA20	23.66
Daily SMA50	24.47
Daily SMA100	23.34
Daily SMA200	22.17

Levels
Previous Daily High	23.78
Previous Daily Low	23.34
Previous Weekly High	24.02
Previous Weekly Low	22.93
Previous Monthly High	26.14
Previous Monthly Low	22.68
Daily Fibonacci 38.2%	23.61
Daily Fibonacci 61.8%	23.51
Daily Pivot Point S1	23.36
Daily Pivot Point S2	23.13
Daily Pivot Point S3	22.93
Daily Pivot Point R1	23.8
Daily Pivot Point R2	24.01
Daily Pivot Point R3	24.24

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.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.