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.

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