Silver Price Analysis: XAG/USD gains marginally, hovers around $23.00 on weak USD, falling US bond yields

Silver (XAG) trades slightly higher amid declining US Treasury bond yields and broad US Dollar (USD) weakness.
For a bearish continuation, a break below the 200-day EMA at $22.93 is needed, with a potential downside to the June 25 daily low of $22.68 and further to $22.11.
Conversely, staying above $23.00 may challenge resistances at $23.35/41 (50/100-day EMAs confluence) and then $24.00. A decisive break of these resistances may lead the prices toward $24.20.

Christian Borjon Valencia FXStreet

Silver price climbs below the $23.00 figure, surpassing the 20-day Exponential Moving Average (EMA) at $23.07 on Monday, courtesy of US Bond yields falling and broad US Dollar (USD) weakness. The XAG/USD is exchanging hands at $23.12, gaining 0.32% as Wall Street’s session ends.

XAG/USD Price Analysis: Technical outlook

After sliding below the 50 and 100-day EMAs, the XAG/USD remains neutral to downward-biased, with price action hoovering around each side of the 20-day EMA and the $23.00 figure. For a bearish continuation, the XAG/USD must drop below the 200-day EMA at $22.93, opening the door for further downside, exposing as next support the June 25 daily low of $22.68.

In a decisive break, XAG/USD would slump and challenge the March 16 daily low of $22.11 before surpassing the $22.00 figure. Once cleared, the next support would be last year’s November 28 daily low of $20.87 before reaching YTD lows of $19.92.

Conversely, if XAG/USD stays afloat above $23.00, resistance levels emerge at the confluence of the 50/100-day EMAs at around $23.35/41. Once broken, the following supply area would be the $24.00 figure, followed by a June 16 daily high of $24.20.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.14
Today Daily Change	0.06
Today Daily Change %	0.26
Today daily open	23.08

Trends
Daily SMA20	23.14
Daily SMA50	23.74
Daily SMA100	23.4
Daily SMA200	22.68

Levels
Previous Daily High	23.15
Previous Daily Low	22.62
Previous Weekly High	23.31
Previous Weekly Low	22.52
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	22.95
Daily Fibonacci 61.8%	22.82
Daily Pivot Point S1	22.74
Daily Pivot Point S2	22.41
Daily Pivot Point S3	22.21
Daily Pivot Point R1	23.28
Daily Pivot Point R2	23.49
Daily Pivot Point R3	23.82

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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