- Silver rises 0.15% to $22.60, boosted by a weaker Dollar despite rising Treasury yields.
- There are signs that it has bottomed between $22.15 and $22.50, pointing to a possible move towards $23.00.
- The “death cross” suggests a bearish outlook; A drop below support could target the January low at $21.93, and then $20.69.
The price of Silver posts minimal gains of 0.15% on Friday, despite US Treasury yields rising. However, the Dollar remains lower, a tailwind for Silver prices, trading at $22.60 after jumping from a low of $22.37.
The XAG/USD pair is biased lower, but has bottomed around $22.15 – $22.50, opening the door for an upward correction. If buyers could push the price up to $23.00 per troy ounce, that could open the door to test the 100-day moving average (DMA) at $23.09, followed by the 50-DMA at $23.26.
On the other hand, three days ago a “death cross” formed on the path of least resistance, a bearish signal that could clear the way for further declines. The next support is the January 22 low at $21.93, followed by the October 23 pivot low at $20.69.
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.
