Silver Price Analysis: XAG/USD glimmers amid falling US bond yields, hovers around $22.70s

Silver price edges up 0.07% on Friday, buoyed by a dip in US Treasury bond yields and a mixed market sentiment.
Technicals suggest XAG/USD’s struggle near the weekly highs of $23.00, with the 200-day DMA acting as a key barrier.
Immediate resistance lies at the downslope trendline, with potential targets at $22.80 and pivotal $23.00 per ounce.

Christian Borjon Valencia FXStreet

Silver price recovers some bright towards the end of the week, climbing 0.07% on Friday, underpinned by US Treasury bond yields falling, while the Greenback trims its weekly gains. Mixed sentiment surrounding the financial markets was another reason for the non-yielding metal to climb in the session, The XAG/USD is trading at $22.74 after hitting a daily low of $22.64.

XAG/USD Price Analysis: Technical outlook

Although XAG/USD would finish the week with gains, price action offered sellers a better entry price on Thursday, particularly for traders entering nearby the weekly highs of $23.00. Buyers’ failure to extend its gains, and reclaim the 200-day Moving Average (DMA) at $23.29, keeps the white metal exposed to selling pressure.

From an intraday perspective, the XAG/USD remains trading sideways, slightly tilted upwards, with upside risks remaining, as XAG/USD is testing a downslope resistance trendline. A breach of the latter will expose the $22.80 price level, followed by the confluence of the weekly high and Friday’s R1 daily pivot at around $23.00 per ounce.

A decisive break would expose the June 15 daily low turned resistance at $23.22, ahead of testing the June 8 low at $23.42.

XAG/USD Price Action – Hourly chart

XAG/USD

Overview
Today last price	22.76
Today Daily Change	0.08
Today Daily Change %	0.35
Today daily open	22.68

Trends
Daily SMA20	23.56
Daily SMA50	23.56
Daily SMA100	24.03
Daily SMA200	23.29

Levels
Previous Daily High	23.01
Previous Daily Low	22.35
Previous Weekly High	23.68
Previous Weekly Low	22.58
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	22.76
Daily Fibonacci 61.8%	22.61
Daily Pivot Point S1	22.35
Daily Pivot Point S2	22.02
Daily Pivot Point S3	21.69
Daily Pivot Point R1	23.01
Daily Pivot Point R2	23.34
Daily Pivot Point R3	23.67

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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