Silver Price Forecast: XAG/USD slides almost 1%, down at $22.22

The white-metal drops as the US 10-year bond yield rise nearly six basis points, underpinning the greenback.
The US Dollar Index, which measures the buck’s performance against six rivals, advances almost 0.25%.
XAG/USD 1-hour chart has a downward bias, as shown by hourly simple moving averages (SMA’s) residing above the price.

Christian Borjon Valencia FXStreet

Silver (XAG/USD) retreats from Friday’s gains, slumps almost 1%, trading at $22.22 during the New York session at the time of writing. Safe-haven assets like silver extend their losses amid reports that the COVID.19 omicron variant, although contagious, seems to cause mild symptoms, propelling equity prices higher.

Additionally, US bond yields, which correlates inversely with precious metals prices, are rising, a headwind for non-yielding assets. The US 10-year Treasury yield advances five basis points, up to 1.397%, underpins the greenback, with the US Dollar Index rising 0.23%, at 96.414.

In the overnight session, the white metal peaked around the 1-hour 100-simple moving average (SMA) at $22.58, then throughout the day extended its losses, dropping as low as $22.10, rebounding up to the current price.

XAG/USD Price Forecast: Technical outlook

Silver (XAG/USD) in the 1-hour chart depicts a bearish bias, attributed to the 1-hour simple moving averages (SMA’s) residing above the spot price. Also, the confluence of the 50-SMA and the daily central pivot point at $22.37, unsuccessfully tested three times, appears to be a strong selling level for XAG/USD bears.

In the outcome of extending further down, the first support would be the S1 daily pivot at $22.16. A break below that level would expose crucial support levels. Friday’s low at $22.01, followed by S2 daily pivot at $21.81.

On the flip side, the confluence of December 3 and the 100-SMA around the $22.51-56 would be the first resistance, followed by the R1 pivot at $22.72, followed by the R2 daily pivot at $22.92.

XAG/USD

Overview
Today last price	22.25
Today Daily Change	-0.30
Today Daily Change %	-1.33
Today daily open	22.55

Trends
Daily SMA20	23.96
Daily SMA50	23.57
Daily SMA100	23.8
Daily SMA200	25.09

Levels
Previous Daily High	22.58
Previous Daily Low	22.04
Previous Weekly High	23.44
Previous Weekly Low	22.04
Previous Monthly High	25.41
Previous Monthly Low	22.69
Daily Fibonacci 38.2%	22.37
Daily Fibonacci 61.8%	22.25
Daily Pivot Point S1	22.2
Daily Pivot Point S2	21.85
Daily Pivot Point S3	21.66
Daily Pivot Point R1	22.74
Daily Pivot Point R2	22.93
Daily Pivot Point R3	23.28

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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