• Rising US bond yields curtail Silver’s momentum as it moves between key daily Exponential Moving Averages.
  • XAG/USD breaking resistance at around $23.88 may propel Silver to challenge $24.00.
  • A drop below the 100-day EMA and the June 5 low of $23.25 could trigger a steeper decline.

Silver price stopped its fall amidst rising US Treasury bond yields, cushioned by the 100-day Exponential Moving Average (EMA) lying at $23.47. Still, it also failed to rally, capped by solid resistance at around the $23.74-88 area, where the 20 and 50-day EMAs lie. Therefore, XAG/USD is trading at $23.52, almost flat.

Must read: Gold Price Forecast: XAU/USD steadily around $1960s amid higher US bond yields

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, the XAG/USD path remains unclear, trapped between daily EMAs, pending cracking resistance at around $23.74-88, which would pave the way to challenge the June 2 high of $24.01. A breach of the latter would shift Silver upwards and open the door to test the April 25 low turned resistance at $24.49 before aiming towards February 2 high at $24.63.

Conversely, XAG/USD falling below the 100-day EMA and sliding beneath the June 5 low of $23.25 could exacerbate a more profound fall toward the May 30 daily low of $22.93. Once broken, the XAG/USD next challenge will be the 200-day EMA at $22.87

The Relative Strength Index (RSI) indicator is in bearish territory, while the 3-day Rate of Change (RoC) followed suit. Therefore, in the near term, Silver’s path could be downwards.

XAG/USD Price Action – Daily chart

XAG/USD Daily chart

XAG/USD

Overview
Today last price 23.56
Today Daily Change -0.01
Today Daily Change % -0.04
Today daily open 23.57
 
Trends
Daily SMA20 23.76
Daily SMA50 24.46
Daily SMA100 23.35
Daily SMA200 22.15
 
Levels
Previous Daily High 23.69
Previous Daily Low 23.25
Previous Weekly High 24.02
Previous Weekly Low 22.93
Previous Monthly High 26.14
Previous Monthly Low 22.68
Daily Fibonacci 38.2% 23.42
Daily Fibonacci 61.8% 23.52
Daily Pivot Point S1 23.32
Daily Pivot Point S2 23.06
Daily Pivot Point S3 22.88
Daily Pivot Point R1 23.76
Daily Pivot Point R2 23.94
Daily Pivot Point R3 24.2

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays below 1.0700 after upbeat US PMI data

EUR/USD stays below 1.0700 after upbeat US PMI data

EUR/USD stays on the back foot and trades in negative territory below 1.0700 as the US Dollar benefits from upbeat data in the American session. S&P Global reported that the economic activity in the US private sector continued to expand at a robust pace in June.

EUR/USD News

GBP/USD drops to fresh multi-week low below 1.2650

GBP/USD drops to fresh multi-week low below 1.2650

GBP/USD remains under bearish pressure and trades at its lowest level since mid-May below 1.2650. The stronger-than-forecast Manufacturing and Services PMI data from the US helps the USD hold its ground and causes the pair to stretch lower.

GBP/USD News

Gold drops below $2,340 as US yields rebound

Gold drops below $2,340 as US yields rebound

Gold loses its traction and trades deep in the red below $2,340 in the second half of the day on Friday. The benchmark 10-year US Treasury bond yield pushes higher following the upbeat PMI data from the US, weighing on XAU/USD.

Gold News

Bitcoin retraces to crucial support

Bitcoin retraces to crucial support

Bitcoin price encounters resistance at weekly highs before retracing to seek support at a crucial level, while Ethereum and Ripple align closely with Bitcoin's movements, gearing up to surpass resistance barriers and embark on upward rallies.

Read more

Week ahead – US PCE inflation the highlight of a relatively light agenda

Week ahead – US PCE inflation the highlight of a relatively light agenda

Core PCE inflation to test bets of two Fed rate cuts in 2024. Yen awaits BoJ Summary of Opinions, Tokyo CPI. Canadian CPI data also enters the spotlight.

Read more

Forex MAJORS

Cryptocurrencies

Signatures