Silver Price Analysis: XAG/USD recovery falters despite falling bond yields, sellers in charge


  • XAG/USD sees resistance, trading at $23.82, down 0.36% amidst weakened US Treasury yields.
  • Despite the downward tilt, breaking June 9 daily high could shift Silver’s bias to neutral upwards.
  • Oscillators predict near-term downside, indicating sellers’ continued market control.

Silver price erases some of its earlier losses which witnesses XAG/USD’s printing a two-week low at $23.22 before reversing its direction. However, XAG/USD’s recovery stalled at a resistance area, with several technical indicators capping the uptrend. At the time of writing, the XAG/USD is trading at $23.82, down 0.36%.

XAG/USD Price Analysis: Technical outlook

The XAG/USD remains neutrally biased, tilted downwards as the white metal can’t reclaim the April 25 swing low of $24.49, an inflection point that can pave the way for further upside. Should be said Silver failed to rally, despite a drop in US Treasury bond yields. Therefore, XAG/USD’s momentum in the short term could be fading, warranting a bearish resumption.

To the downside, XAG/USD would find first support at the 100-day Exponential Moving Average (EMA) at $23.53, which, once cleared, would put at risk $23.00. Break below, and the 200-day EMA will be up for grabs at $22.94 before challenging May 26 low at $22.68, with further downside expected past the latter.

Conversely, the XAG/USD must crack the June 9 daily high for a bullish resumption at $24.52. The break above will put into play a higher trading range and shift Silver’s bias to neutral upwards. The next resistance would be $25.00, followed by May 11 high at $25.47.

However, oscillators suggest further downside expected in the near term, with the Relative Strength Index (RSI) at a bearish area and the three-day Rate of Change (RoC), portraying sellers remaining in control.

XAG/USD Price Action – Daily chart

XAG/USD Daily chart

XAG/USD

Overview
Today last price 23.86
Today Daily Change -0.07
Today Daily Change % -0.29
Today daily open 23.93
 
Trends
Daily SMA20 23.59
Daily SMA50 24.47
Daily SMA100 23.36
Daily SMA200 22.35
 
Levels
Previous Daily High 24.08
Previous Daily Low 23.66
Previous Weekly High 24.53
Previous Weekly Low 23.25
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 23.92
Daily Fibonacci 61.8% 23.82
Daily Pivot Point S1 23.7
Daily Pivot Point S2 23.46
Daily Pivot Point S3 23.27
Daily Pivot Point R1 24.12
Daily Pivot Point R2 24.32
Daily Pivot Point R3 24.55

 

 

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