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Silver Price Analysis: XAG/USD Trapped Inside EMAs as US Bond Yields Raise

  • Rising US bond yields dampen momentum in silver, which is trading between key daily exponential moving averages.
  • A break of the XAG/USD resistance around $23.88 could push silver to challenge $24.00.
  • A drop below the 100 day EMA and the June 5 low of $23.25 could trigger a steeper decline.

The price of the Silver halted its slide amid rising US Treasury yields, cushioned by the 100 day EMA at $23.47. However, it failed to rally either, capped by solid resistance around the $23.74-$88 zone, where the 20 and 50 day EMAs lie. Therefore, the XAG/USD trades at $23.52, almost sideways.

XAG/USD Price Analysis: Technical Perspective

From a daily chart perspective, the path of XAG/USD remains unclear, stuck between the daily EMAs, waiting to break resistance around $23.74-$88, which would pave the way to challenge the top of the day. June 2 at $24.01. A break of the latter would shift silver higher and open the door to test the April 25 low turned resistance at $24.49 before targeting the February 2 high at $24.63.

Conversely, if the XAG/USD turns below the 100 day EMA and turns below the June 5 low at $23.25, it could exacerbate a deeper decline towards the May 30 daily low at $22.93. Once broken, the next challenge for XAG/USD will be the 200 day EMA at $22.87.

The Relative Strength Index (RSI) is in bearish territory, while the 3-Day Rate of Change (RoC) followed suit. Therefore, in the short term, the trajectory of silver could be bearish.

XAG/USD Price Action – Daily Chart

XAG/USD Daily chart


Last price today 23.56
Today Change Daily -0.01
today’s daily variation -0.04
today’s daily opening 23.57
daily SMA20 23.76
daily SMA50 24.46
daily SMA100 23.35
daily SMA200 22.15
previous daily high 23.69
previous daily low 23.25
Previous Weekly High 24.02
previous weekly low 22.93
Previous Monthly High 26.14
Previous monthly minimum 22.68
Fibonacci daily 38.2 23.42
Fibonacci 61.8% daily 23.52
Daily Pivot Point S1 23.32
Daily Pivot Point S2 23.06
Daily Pivot Point S3 22.88
Daily Pivot Point R1 23.76
Daily Pivot Point R2 23.94
Daily Pivot Point R3 24.2

Source: Fx Street

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