• Rising US bond yields curtail Silver’s momentum as it moves between key daily Exponential Moving Averages.
  • XAG/USD breaking resistance at around $23.88 may propel 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.

Silver price stopped its fall amidst rising US Treasury bond yields, cushioned by the 100-day Exponential Moving Average (EMA) lying at $23.47. Still, it also failed to rally, capped by solid resistance at around the $23.74-88 area, where the 20 and 50-day EMAs lie. Therefore, XAG/USD is trading at $23.52, almost flat.

Must read: Gold Price Forecast: XAU/USD steadily around $1960s amid higher US bond yields

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, the XAG/USD path remains unclear, trapped between daily EMAs, pending cracking resistance at around $23.74-88, which would pave the way to challenge the June 2 high of $24.01. A breach of the latter would shift Silver upwards and open the door to test the April 25 low turned resistance at $24.49 before aiming towards February 2 high at $24.63.

Conversely, XAG/USD falling below the 100-day EMA and sliding beneath the June 5 low of $23.25 could exacerbate a more profound fall toward the May 30 daily low of $22.93. Once broken, the XAG/USD next challenge will be the 200-day EMA at $22.87

The Relative Strength Index (RSI) indicator is in bearish territory, while the 3-day Rate of Change (RoC) followed suit. Therefore, in the near term, Silver’s path could be downwards.

XAG/USD Price Action – Daily chart

XAG/USD Daily chart

XAG/USD

Overview
Today last price 23.56
Today Daily Change -0.01
Today Daily Change % -0.04
Today daily open 23.57
 
Trends
Daily SMA20 23.76
Daily SMA50 24.46
Daily SMA100 23.35
Daily SMA200 22.15
 
Levels
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 Low 22.68
Daily Fibonacci 38.2% 23.42
Daily Fibonacci 61.8% 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

 

 

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