- 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
|Last price today||23.56|
|Today Change Daily||-0.01|
|today’s daily variation||-0.04|
|today’s daily opening||23.57|
|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
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.