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

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

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