Silver Price Analysis: XAG/USD floats around $23.60, as high US bond yields dented Silver XAGUSD Commodities Metals Technical Analysis Silver
Silver prices edge toward $23.60 following a dip below $24.00 last week, as US Treasury bond yields surge to 3.721%, curbing safe-haven appetite and softening the USD’s fall.
XAG/USD holds its double-top chart pattern below the neckline. Although a failure to cross the 100-day EMA at $23.50 hints at the bullish sentiment, a bearish RSI suggests possible retesting.Silver price retraces toward the $23.60 area after falling below the $24.00 figure in the last week, courtesy of higher US Treasury bond yields, with the 10-year benchmark note rate at 3.721%, climbing more than four basis points. That dented the appetite for safe-haven assets, namely Gold and Silver prices, and cushioned the fall of the US Dollar. At the time of writing, the XAG/USD is trading at $23.62, almost flat as the Asian session begins.
If XAG/USD breaks below the latter, the next support would be the $23.00 figure before testing the “trendsetter” 200-day EMA at $22.82. Once broken, XAG/USD will turn bearish and be exposed to test lower prices. Firstly, the March 28 daily low at $22.83, followed by the March 21 swing low of $22.14. On the other hand, for XAG/USD’s bullish continuation, Silver must reclaim the $24.00 mark, a troy ounce, followed by the 50-day EMA at $24.14. Once cleared, XAG/USD’s next resistance would be the 20-day EMA at $24.33, ahead of double-top neckline cracking.
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