Silver slides in the week down 2.91%, eyes $23.00 as we head towards the weekend

As we head towards the NY close, the white-metal trades down 0.87%.
The US dollar fell 0.06% as the American session unwinds.
The US 10-year Treasury yield rise to 1.26%.

Christian Borjon Valencia FXStreet

Despite US dollar weakness, silver slides for the third day in a row, and trades around $23.06 down almost 1%.

The US dollar index is down at the session, sits at 93.51 for a 0.06% loss. Nevertheless, the US 10-year Treasury yield is up at 1.26%, 18 basis points (bps) rise, towards the end of the week.

In regards to yesterday’s price action, silver closed at $23.25 for a loss of 1.15%, meanwhile, the greenback reached a nine-month high, and by the close of the American session, finished at 93.56 for a 0.42% gain.

Silver technical outlook

XAG/USD trades at $23.02 and trending lower. The daily moving averages are above $25.30, with the shorter-time frame under the longer-time frames. As prices aim lower the first support is the $23.07/$22.97 range followed by a really long fall towards August 9 low at $22.00. On the other hand, the first resistance is yesterday’s high at $23.52, followed by the August 17 high at $23.95, and then the 50-day moving average confluence with a down trendline around $25.25-50 range

RSI is at 30.33 headed downwards supporting sellers, while the Average True Range (ATR) is at $0.57 flat.

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.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.