Silver Price Forecast: XAG/USD drops to near $23 as 10-year US yields soar to 5%

Silver price slips to near $23.00 amid higher US bond yields.
Iran’s intervention in the Israel-Palestine conflict would widen Middle East tensions.
Silver price aims to climb above the 61.8% Fibo retracement at $23.36.

Sagar Dua FXStreet

Silver price (XAG/USD) eases from monthly highs around $23.70 as 10-year US Treasury yields rose to 5% in the New York session. The white metal falls to near $23.00 amid a data-packed weak. Long-term US bond yields rose to record highs since 2007 on expectations that the Fed will keep interest rates higher for a longer period.

S&P500 opens on a bearish note amid escalating Middle East tensions. Iran’s intervention in the Israel-Palestine conflict would widen Middle East tensions. The US Dollar Index (DXY) demonstrates a volatile performance around 106.00 as the focus shifts to the United States Gross Domestic Product (GDP) data for the July-September quarter, which will be announced on Thursday.

As per the estimates, the growth rate was 4.2%, double from 2.1% recorded in the April-June quarter. An upbeat US GDP data would elevate hops of one more interest rate increase from the Federal Reserve (Fed).

Before that, investors will look for the preliminary S&P Global PMI for October, which will be published on Tuesday at 13:45 GMT. The Manufacturing and Services PMI is seen declining to 49.5 and 49.9 respectively.

Silver technical analysis

Silver price aims to climb above the 61.8% Fibonacci retracement (plotted from August 30 high at $25.00 to October 03 low at $20.68) at $23.36 on a two-hour scale. The short-term bias for the white metal is bullish as it is comfortably trading above the 50-period Exponential Moving Average (EMA), which trades at $23.00.

The Relative Strength Index (RSI) (14) drops into the 40.00-60.00 range, indicating a rangebound move ahead.

Silver two-hour chart

XAG/USD

Overview
Today last price	23.15
Today Daily Change	-0.21
Today Daily Change %	-0.90
Today daily open	23.36

Trends
Daily SMA20	22.21
Daily SMA50	22.93
Daily SMA100	23.3
Daily SMA200	23.33

Levels
Previous Daily High	23.7
Previous Daily Low	22.88
Previous Weekly High	23.7
Previous Weekly Low	22.37
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	23.39
Daily Fibonacci 61.8%	23.19
Daily Pivot Point S1	22.93
Daily Pivot Point S2	22.49
Daily Pivot Point S3	22.1
Daily Pivot Point R1	23.75
Daily Pivot Point R2	24.14
Daily Pivot Point R3	24.58

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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