At the price of $23.874, the XAGUSD is facing a barrier and currently trading at $23.82, down by 0.36% due to a decrease in the US Treasury yields.

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• XAG/USD sees resistance, trading at $23.82, down 0.36% amidst weakened US Treasury yields.

The pair currently trades last at 23.874.

The previous day high was 24.08 while the previous day low was 23.66. The daily 38.2% Fib levels comes at 23.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.82, expected to provide support.

Silver price erases some of its earlier losses which witnesses XAG/USD’s printing a two-week low at $23.22 before reversing its direction. However, XAG/USD’s recovery stalled at a resistance area, with several technical indicators capping the uptrend. At the time of writing, the XAG/USD is trading at $23.82, down 0.36%.

The XAG/USD remains neutrally biased, tilted downwards as the white metal can’t reclaim the April 25 swing low of $24.49, an inflection point that can pave the way for further upside. Should be said Silver failed to rally, despite a drop in US Treasury bond yields. Therefore, XAG/USD’s momentum in the short term could be fading, warranting a bearish resumption.

To the downside, XAG/USD would find first support at the 100-day Exponential Moving Average (EMA) at $23.53, which, once cleared, would put at risk $23.00. Break below, and the 200-day EMA will be up for grabs at $22.94 before challenging May 26 low at $22.68, with further downside expected past the latter.

Conversely, the XAG/USD must crack the June 9 daily high for a bullish resumption at $24.52. The break above will put into play a higher trading range and shift Silver’s bias to neutral upwards. The next resistance would be $25.00, followed by May 11 high at $25.47.

However, oscillators suggest further downside expected in the near term, with the Relative Strength Index (RSI) at a bearish area and the three-day Rate of Change (RoC), portraying sellers remaining in control.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.86 at the time of writing. Pair opened at 23.93 and is trading with a change of -0.29 % .

The pair is trading above its 20 Daily moving average @ 23.59, below its 50 Daily moving average @ 24.47 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.35

The previous day high was 24.08 while the previous day low was 23.66. The daily 38.2% Fib levels comes at 23.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.82, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.7, 23.46, 23.27
• Pivot resistance is noted at 24.12, 24.32, 24.55

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