- Silver prices fell after testing weekly highs of $24.00, affected by rising US bond yields.
- The bullish momentum was held back by USD strength and major resistance at the $24.00 zone, according to technical indicators.
- The bearish trend was confirmed with the relative index (RSI) bearish and the rate of change of three days (RoC).
The price of the Silver It fell after testing the weekly highs of $24.00, and is down-weighted due to rising US bond yields, USD strength and technical indicators. XAG/USD is trading around $23.40 after hitting a weekly high of $24.05.
XAG/USD Price Analysis: Technical Perspective
XAG/USD remains neutral to the downside, unable to decisively break above $24.00. Technical indicators such as the confluence of the 50 and 20 day EMAs at $23.71-$23.87 dragged XAG/USD lower.
Additionally, the Relative Strength Indicator (RSI) and Three-Day Rate of Change (RoC) portray sellers in charge, both in bearish territory warrant bearish action.
Therefore, the first support for XAG/USD would be the current week’s low at $23.25, which, once broken, the white metal could extend its losses towards $23.00. If XAG/USD continues to decline, it will challenge the 200 day EMA at $22.87.
Otherwise, the resistance zone for XAG/USD would be the aforementioned Confluence of 20/50 day EMAs around $23.71-$23.87, which, once broken, could trigger a test of $24.00. If the XAG/USD breaks above that zone, the next bid zone would be the $25.00 level.
XAG/USD Price Action – Daily Chart
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.
