Silver Price Analysis: XAG/USD slumps to six-week lows amidst higher US T-bond yields

Silver prices slide as US retail sales data spur a jump in US Treasury bond yields, driving XAG/USD down to six-week lows around $23.64.
Technical outlook shows a double-top chart pattern with XAG/USD between 50 and 100-day EMAs, while a bearish RSI suggests further declines may be imminent.
XAG/USD could target the $22.90 level if the 100-day EMA is breached, while reclaiming the $24.00 figure could pave the way for a rally toward the 50-day EMA and potentially $25.00.

Christian Borjon Valencia FXStreet

Silver price continues to validate a double-top formation, falls to fresh six-week lows around $23.64, shy of testing the 100-day Exponential Moving Average (EMA) at $23.48. Factors like US Retails Sales improving in April spurred a jump in US Treasury bond yields, a headwind for the white metal. Therefore, the XAG/USD is trading at $23.73 after reaching a daily high of $24.10.

XAG/USD Price Analysis: Technical outlook

A double-top chart pattern remains as the XAG/USD continued to slide, sitting between the 50 and 100-day EMAs, each at $24.24 and $23.48, respectively. The Relative Strength Index (RSI) indicator at bearish territory suggests Silver’s fall could continue in the near term, but the 3-day Rate of Change (RoC) has begun to show that sellers are losing momentum.

If XAG/USD cracks the 100-day EMA, that will exacerbate a fall toward the $23.00 a troy ounce figure before sellers can reach the double-top’s objective to fall toward $22.90, shy of testing the 200-day EMA at $22.77.

On the other hand, if XAG/USD reclaims the $24.00 figure, that could exert upward pressure on the XAG/USD and open the door to test the 50-day EMA. A breach of the latter will expose the February 2 high at $24.63 before challenging the $25.00 psychological figure.

XAG/USD Price Action – Daily chart

XAG/USD

Overview
Today last price	23.76
Today Daily Change	-0.33
Today Daily Change %	-1.37
Today daily open	24.09

Trends
Daily SMA20	25.12
Daily SMA50	23.93
Daily SMA100	23.39
Daily SMA200	21.87

Levels
Previous Daily High	24.21
Previous Daily Low	23.88
Previous Weekly High	25.92
Previous Weekly Low	23.74
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	24.08
Daily Fibonacci 61.8%	24.01
Daily Pivot Point S1	23.91
Daily Pivot Point S2	23.73
Daily Pivot Point S3	23.58
Daily Pivot Point R1	24.24
Daily Pivot Point R2	24.39
Daily Pivot Point R3	24.57

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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