- Volatile session for Silver that is facing difficulties to consolidate above $24.00.
- Rising US Treasury yields and a mixed dollar weigh on XAU/USD constraining XAG/USD.
- The price is biased to the upside, but it needs to break through $24.25/$30.
Silver is having a positive but volatile day on Tuesday. Recently, the pair XAG/USD it bounced from the session low at $23.80 to $24.28, matching last week’s high, and then pulled back. He is hovering around $24.00 with a bullish bias, but still facing significant resistance.
Improved risk appetite earlier in the week boosted commodities, especially after last week’s US inflation data. At the same time, US and European bonds fell. Rising yields capped Gold’s rise, Dollar’s fall and XAG/USD’s break above $24.25/$30.
At the time of writing these lines, the XAG/USD is hovering around $24.00. A short-term uptrend line is seen at $23.85. A consolidation below would suggest a correction with an initial target of $23.55 and then $23.35 (Dec 22 low).
A break above $24.25 would clear the way for more gains with a target of $24.55 and then the $25.00 area.
XAG/USD 4-hour chart
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
