Silver Price Analysis: XAG/USD tumbles to seven-day low below $23.00, eyes on upcoming US data

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  • Silver price dives over 2%, as investors react to higher US Treasury bond yields.
  • Failure to hold above the 50-day DMA and $23.00 level triggers extended sell-off towards $21.88 support.
  • Potential rebound hinges on reclaiming $22.57, with silver possibly oscillating within a tight range near current levels.
  • Read more: Gold price falls as US Treasury yields climb amid weak US Dollar

Silver prices plummeted to a seven-day low during the mid-North American session on Monday, as US Treasury bond yields climbed while traders braced for the release of US inflation figures late in the week. At the time of writing, the XAG/USD exchanges hands at $22.47, down more than 2.05%.

The XAG/USD downtrend has extended as buyers failed to reclaim the 50-day moving average (DMA), which opened the door for a pullback below the psychological $23.00 figure. The downtrend resumed once Silver fell below the February 23 low of $22.57. Yet, a daily close below the latter would cement the bearish bias and open the door for a deeper correction toward the November 13 swing low of $21.88, before extending its losses to the $21.00 figure.

On the other hand, if buyers step in, and XAG/USD posts a daily close above $22.57, look for the grey metal to remain range-bound at around the $22.50-$23.00 area, capped by the DMAs, at around the $23.05-$23.26 range.

XAG/USD Price Analysis – Daily Chart

XAG/USD TECHNICALS

Overview
Today last price 22.46
Today Daily Change -0.49
Today Daily Change % -2.14
Today daily open 22.95
 
Trends
Daily SMA20 22.76
Daily SMA50 23.09
Daily SMA100 23.2
Daily SMA200 23.29
 
Levels
Previous Daily High 23
Previous Daily Low 22.56
Previous Weekly High 23.46
Previous Weekly Low 22.56
Previous Monthly High 24.09
Previous Monthly Low 21.93
Daily Fibonacci 38.2% 22.83
Daily Fibonacci 61.8% 22.73
Daily Pivot Point S1 22.68
Daily Pivot Point S2 22.4
Daily Pivot Point S3 22.24
Daily Pivot Point R1 23.12
Daily Pivot Point R2 23.28
Daily Pivot Point R3 23.56

 

 

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