The price of silver increased by 0.07% on Friday due to a decrease in US Treasury bond yields and a somewhat uncertain market outlook.
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- Silver price edges up 0.07% on Friday, buoyed by a dip in US Treasury bond yields and a mixed market sentiment.
The pair currently trades last at 22.753.
The previous day high was 23.01 while the previous day low was 22.35. The daily 38.2% Fib levels comes at 22.76, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.61, expected to provide support.
Silver price recovers some bright towards the end of the week, climbing 0.07% on Friday, underpinned by US Treasury bond yields falling, while the Greenback trims its weekly gains. Mixed sentiment surrounding the financial markets was another reason for the non-yielding metal to climb in the session, The XAG/USD is trading at $22.74 after hitting a daily low of $22.64.
Although XAG/USD would finish the week with gains, price action offered sellers a better entry price on Thursday, particularly for traders entering nearby the weekly highs of $23.00. Buyers’ failure to extend its gains, and reclaim the 200-day Moving Average (DMA) at $23.29, keeps the white metal exposed to selling pressure.
From an intraday perspective, the XAG/USD remains trading sideways, slightly tilted upwards, with upside risks remaining, as XAG/USD is testing a downslope resistance trendline. A breach of the latter will expose the $22.80 price level, followed by the confluence of the weekly high and Friday’s R1 daily pivot at around $23.00 per ounce.
A decisive break would expose the June 15 daily low turned resistance at $23.22, ahead of testing the June 8 low at $23.42.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.76 at the time of writing. Pair opened at 22.68 and is trading with a change of 0.35 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.76 |
| 1 | Today Daily Change | 0.08 |
| 2 | Today Daily Change % | 0.35 |
| 3 | Today daily open | 22.68 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.56, 50 SMA 23.56, 100 SMA @ 24.03 and 200 SMA @ 23.29.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.56 |
| 1 | Daily SMA50 | 23.56 |
| 2 | Daily SMA100 | 24.03 |
| 3 | Daily SMA200 | 23.29 |
The previous day high was 23.01 while the previous day low was 22.35. The daily 38.2% Fib levels comes at 22.76, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.61, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.35, 22.02, 21.69
- Pivot resistance is noted at 23.01, 23.34, 23.67
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.01 |
| Previous Daily Low | 22.35 |
| Previous Weekly High | 23.68 |
| Previous Weekly Low | 22.58 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 22.76 |
| Daily Fibonacci 61.8% | 22.61 |
| Daily Pivot Point S1 | 22.35 |
| Daily Pivot Point S2 | 22.02 |
| Daily Pivot Point S3 | 21.69 |
| Daily Pivot Point R1 | 23.01 |
| Daily Pivot Point R2 | 23.34 |
| Daily Pivot Point R3 | 23.67 |
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