#XAGUSD @ 22.853 Silver price corrects sharply below $23.00 after recovery in the US Dollar and bond yields.

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• Silver price corrects sharply below $23.00 after recovery in the US Dollar and bond yields.

The pair currently trades last at 22.853.

The previous day high was 23.36 while the previous day low was 22.74. The daily 38.2% Fib levels comes at 22.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.13, expected to provide resistance.

Silver price (XAG/USD) extended a sell-off below the crucial support of $23.00 in the last European session. The white metal drops to near $22.80 as the US Dollar and bond yields rebound sharply ahead of crucial US economic readings.

S&P500 futures added stellar gains in the London session, portraying a revival in the risk appetite of the market participants. The appeal for risk-perceived assets improves as investors start digesting the Middle East tensions. The risk-off mood eases amid as Israel’s strategy of ground assault in Gaza delays. The US urged Israel to delay the ground attack as the hostage release operation continues and dispatch humanitarian aid for Gaza civilians.

The US Dollar Index (DXY) recovered strongly after discovering buyers’ interest near 105.40 as investors shifted focus to the Q3 Gross Domestic Product (GDP) data, which will be announced on Thursday. The 10-year US Treasure yields rebounded strongly to near 4.87%.

Economists expect that the US economy grew by 4.2% in the July-September quarter on an annualized basis against the 2.1% growth rate recorded earlier. An upbeat Q3 GDP report would elevate expectations of one more interest rate hike from the Federal Reserve (Fed).

Silver price corrects sharply after facing stiff barricades near the supply zone placed in a range of $23.67-23.80 on a two-hour scale. The white metal drops to near the 100-period Exponential Moving Average (EMA), which trades around $22.80.

The Relative Strength Index (RSI) (14) slips into the 40.00-60.00 range from the bullish range of 60.00-80.00, which indicates that the bullish momentum has faded while the bullish bias is still intact.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.87 at the time of writing. Pair opened at 22.98 and is trading with a change of -0.48 % .

The pair is trading above its 20 Daily moving average @ 22.2, below its 50 Daily moving average @ 22.94 , below its 100 Daily moving average @ 23.29 and below its 200 Daily moving average @ 23.32

The previous day high was 23.36 while the previous day low was 22.74. The daily 38.2% Fib levels comes at 22.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.13, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.69, 22.41, 22.07
• Pivot resistance is noted at 23.32, 23.65, 23.94

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