- XAG / USD remains stable as US 10-year Treasury yields rise four basis points to around 1.569%.
- Silver trades in a range within the $ 22.00-$ 22.80 area.
- The US Dollar Index appears poised to close above 94.00 for the second day in a row.
La plata (XAG / USD) It is down for the third day in a row, shedding 0.13% during the New York session, trading at $ 22.59 at the time of writing. The white metal has been confined to a weekly range, trapped between $ 22.00-$ 22.80, awaiting a new catalyst.
Market sentiment is bullish due to a few factors. First, the solution to the US debt ceiling, albeit short-term, brought relief to investors. Furthermore, Russia’s offer to alleviate Europe’s energy crisis adds to the optimistic tone.
The 10-year US Treasury yield is rising four basis points to 1,569%, putting a brake on silver. Meanwhile, the US dollar index, which tracks the dollar’s performance against a basket of six currencies, is just down 0.01%, currently at 94.22.
XAG / USD Price Forecast: Technical Outlook
1 hour chart
XAG / USD is trading above the Simple Moving Averages (SMA), which suggests that silver is biased to the upside. The 50 and 100 SMA are in the range of $ 22.55-56, exerting upward pressure.
For silver buyers to resume the uptrend, they will need to exceed $ 22.80. in case of that result, the first supply zone would be $ 23.00. A breakout of the latter would expose $ 23.12. A breakout of that level could open the door to further gains. The next resistance level would be the September 14 lows around $ 23.50, followed by the key psychological level $ 24.00.
On the other hand, for the XAG / USD sellers to regain control, they will need to break below the 200 SMA at $ 22.36. Once that has been achieved, a drop towards the 2021 lows around $ 21.40 is on the cards, but there will be some roadblocks along the way. The first demand zone would be $ 22.00, followed by $ 21.79.
The Relative Strength Index (RSI) is at 48, pointing lower, supporting the downside bias.
ADDITIONAL LEVELS
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
