Silver Price Analysis: XAG/USD trapped within EMAs as US bond yields climb

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.

Christian Borjon Valencia FXStreet

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

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

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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