The value of XAGUSD drops below the critical level of $22.96, which also happens to be the level of the 200-day EMA.

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• XAG/USD sinks below key $22.96, the 200-day EMA level.

The pair currently trades last at 22.750.

The previous day high was 24.03 while the previous day low was 23.06. The daily 38.2% Fib levels comes at 23.43, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.66, expected to provide resistance.

Silver price pierces below the 200-day Exponential Moving Average (EMA) of $22.96 as sellers pile in, dragging prices towards a new two-month low of $22.50, as high US Treasury bond yields pressure the precious metals segment. At the time of writing, XAG/USD trades at $22.75, while Gold (XAU/USD) spot exchanges hands at $1931.02, down 1.64% and 0.23%, respectively.

Risk-off sentiment is weighing on the precious metals segment. Investors remain uncertain as the Fed Chair Jerome Powell commences his two-day testimony at the US Congress, which you can follow here. The US 10-year Treasury note yields 3.775% and gains 4.6 bps, while US real yields, directly influencing XAG/USD’s prices, climb five bps to 1.555%.

The XAG/USD remains neutral to downward biased, though it could shift to the downside if XAG/USD prints a daily close below the May 25 swing low of $22.68. That would mean the Silver price breaking the 200-day Exponential Moving Average (EMA) threshold and, from a technical perspective, turning XAG/USD bearish.

Further cementing XAG/USD bearish case is the Relative Strength Index (RSI) indicator at negative territory, while the three-day Rate of Change (RoC) continues to plunge as sellers gain momentum.

That said, in that outcome, XAG/USD could dive towards the March 21 daily low at $22.14 before challenging the $22.00 figure. A breach of the latter will expose the March 16 low at $21.47, followed by the $21.00 mark.

Conversely, if XAG/USD reclaims the 200-day EMA, that could expose the $23.00 handle on the upside, followed by the 100-day EMA at $23.52.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.73 at the time of writing. Pair opened at 23.18 and is trading with a change of -1.94 % .

The pair is trading below its 20 Daily moving average @ 23.63, below its 50 Daily moving average @ 24.37 , below its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.44

The previous day high was 24.03 while the previous day low was 23.06. The daily 38.2% Fib levels comes at 23.43, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.66, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.81, 22.45, 21.84
• Pivot resistance is noted at 23.78, 24.39, 24.75

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