• XAG/USD steady as the US 10-year T-bond yields rises four basis points, sitting around 1.569%.
  • Silver is range trading within the $22.00-$22.80 area.
  • The US Dollar Index seems poised to close above 94.00 for the second day in a row.

Silver (XAG/USD) is edging lower for the third consecutive day, is down 0.13% during the New York session, trading at $22.59 at the time of writing. The white metal has been range-bound in the week, trapped in the $22.00 – $22.80 range, awaiting a fresh catalyst.

The market sentiment is upbeat due to some factors. Firstly, the US debt ceiling solution, although short-term, it was a relief for investors. Additionally, Russia’s offer to ease Europe’s energy crisis adds up the upbeat tone.

The US 10-year Treasury yield is rising four basis points, sitting at 1.569%, putting a lid on silver. In the meantime, the US Dollar Index, which tracks the greenback’s performance against a basket of six currencies, is barely down, 0.01%, currently at 94.22.

XAG/USD Price Forecast: Technical outlook

1-hour chart

XAG/USD is trading above the simple moving averages (SMA’s), suggesting that silver has an upside bias. The 50 and the 100-SMA are at the $22.55-56 range, exerting upward pressure. 

For silver buyers to resume the uptrend, they will need to break above $22.80. in case of that outcome, the first supply zone would be $23.00. A break of the latter would expose $23.12. A breach of that level could open the door for further gains. The next resistance level would be the September 14 swing lows around $23.50, followed by the psychological $24.00

On the other hand, for XAG/USD sellers to regain control, they will need to break below the 200-SMA at $22.36. Once that has been achieved, a fall towards 2021 lows around $21.40, is on the books, but there would be some hurdles on the way. The first demand zone would be $22.00, followed by $21.79.

The Relative Strength Index (RSI) is at 48, aiming lower, supporting the downside bias.

KEY ADDITIONAL LEVELS TO WATCH

XAG/USD

Overview
Today last price 22.59
Today Daily Change -0.03
Today Daily Change % -0.13
Today daily open 22.62
 
Trends
Daily SMA20 22.81
Daily SMA50 23.6
Daily SMA100 25.1
Daily SMA200 25.68
 
Levels
Previous Daily High 22.68
Previous Daily Low 22.21
Previous Weekly High 22.85
Previous Weekly Low 21.42
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.39
Daily Fibonacci 61.8% 22.5
Daily Pivot Point S1 22.32
Daily Pivot Point S2 22.03
Daily Pivot Point S3 21.85
Daily Pivot Point R1 22.79
Daily Pivot Point R2 22.97
Daily Pivot Point R3 23.26

 

 

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