#XAGUSD @ 23.764 Silver prices slide as US retail sales data spur a jump in US Treasury bond yields, driving down to six-week lows around $23.64. (Pivot Orderbook analysis)

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• Silver prices slide as US retail sales data spur a jump in US Treasury bond yields, driving XAG/USD down to six-week lows around $23.64.
• Technical outlook shows a double-top chart pattern with XAG/USD between 50 and 100-day EMAs, while a bearish RSI suggests further declines may be imminent.
• XAG/USD could target the $22.90 level if the 100-day EMA is breached, while reclaiming the $24.00 figure could pave the way for a rally toward the 50-day EMA and potentially $25.00.

The pair currently trades last at 23.764.

The previous day high was 24.21 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.08, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.01, expected to provide resistance.

Silver price continues to validate a double-top formation, falls to fresh six-week lows around $23.64, shy of testing the 100-day Exponential Moving Average (EMA) at $23.48. Factors like US Retails Sales improving in April spurred a jump in US Treasury bond yields, a headwind for the white metal. Therefore, the XAG/USD is trading at $23.73 after reaching a daily high of $24.10.

A double-top chart pattern remains as the XAG/USD continued to slide, sitting between the 50 and 100-day EMAs, each at $24.24 and $23.48, respectively. The Relative Strength Index (RSI) indicator at bearish territory suggests Silver’s fall could continue in the near term, but the 3-day Rate of Change (RoC) has begun to show that sellers are losing momentum.

If XAG/USD cracks the 100-day EMA, that will exacerbate a fall toward the $23.00 a troy ounce figure before sellers can reach the double-top’s objective to fall toward $22.90, shy of testing the 200-day EMA at $22.77.

On the other hand, if XAG/USD reclaims the $24.00 figure, that could exert upward pressure on the XAG/USD and open the door to test the 50-day EMA. A breach of the latter will expose the February 2 high at $24.63 before challenging the $25.00 psychological figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.76 at the time of writing. Pair opened at 24.09 and is trading with a change of -1.37 % .

The pair is trading below its 20 Daily moving average @ 25.12, below its 50 Daily moving average @ 23.93 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.87

The previous day high was 24.21 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.08, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.01, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.91, 23.73, 23.58
• Pivot resistance is noted at 24.24, 24.39, 24.57

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