Silver Price Analysis: XAG/USD gains marginally, hovers around $23.00 on weak USD, falling US bond yields


  • Silver (XAG) trades slightly higher amid declining US Treasury bond yields and broad US Dollar (USD) weakness.
  • For a bearish continuation, a break below the 200-day EMA at $22.93 is needed, with a potential downside to the June 25 daily low of $22.68 and further to $22.11.
  • Conversely, staying above $23.00 may challenge resistances at $23.35/41 (50/100-day EMAs confluence) and then $24.00. A decisive break of these resistances may lead the prices toward $24.20.

Silver price climbs below the $23.00 figure, surpassing the 20-day Exponential Moving Average (EMA) at $23.07 on Monday, courtesy of US Bond yields falling and broad US Dollar (USD) weakness. The XAG/USD is exchanging hands at $23.12, gaining 0.32% as Wall Street’s session ends.

XAG/USD Price Analysis: Technical outlook

After sliding below the 50 and 100-day EMAs, the XAG/USD remains neutral to downward-biased, with price action hoovering around each side of the 20-day EMA and the $23.00 figure. For a bearish continuation, the XAG/USD must drop below the 200-day EMA at $22.93, opening the door for further downside, exposing as next support the June 25 daily low of $22.68.

In a decisive break, XAG/USD would slump and challenge the March 16 daily low of $22.11 before surpassing the $22.00 figure. Once cleared, the next support would be last year’s November 28 daily low of $20.87 before reaching YTD lows of $19.92.

Conversely, if XAG/USD stays afloat above $23.00, resistance levels emerge at the confluence of the 50/100-day EMAs at around $23.35/41. Once broken, the following supply area would be the $24.00 figure, followed by a June 16 daily high of $24.20.

XAG/USD Price Action – Daily chart

XAG/USD Daily chart

XAG/USD

Overview
Today last price 23.14
Today Daily Change 0.06
Today Daily Change % 0.26
Today daily open 23.08
 
Trends
Daily SMA20 23.14
Daily SMA50 23.74
Daily SMA100 23.4
Daily SMA200 22.68
 
Levels
Previous Daily High 23.15
Previous Daily Low 22.62
Previous Weekly High 23.31
Previous Weekly Low 22.52
Previous Monthly High 24.53
Previous Monthly Low 22.11
Daily Fibonacci 38.2% 22.95
Daily Fibonacci 61.8% 22.82
Daily Pivot Point S1 22.74
Daily Pivot Point S2 22.41
Daily Pivot Point S3 22.21
Daily Pivot Point R1 23.28
Daily Pivot Point R2 23.49
Daily Pivot Point R3 23.82

 

 

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