#XAGUSD @ 23.594 Rising US bond yields curtail Silver’s momentum as it moves between key daily Exponential Moving Averages. (Pivot Orderbook analysis)

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• Rising US bond yields curtail Silver’s momentum as it moves between key daily Exponential Moving Averages.
• XAG/USD breaking resistance at around $23.88 may propel Silver to challenge $24.00.
• A drop below the 100-day EMA and the June 5 low of $23.25 could trigger a steeper decline.

The pair currently trades last at 23.594.

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide support.

Silver price stopped its fall amidst rising US Treasury bond yields, cushioned by the 100-day Exponential Moving Average (EMA) lying at $23.47. Still, it also failed to rally, capped by solid resistance at around the $23.74-88 area, where the 20 and 50-day EMAs lie. Therefore, XAG/USD is trading at $23.52, almost flat.

Must read: Gold Price Forecast: XAU/USD steadily around $1960s amid higher US bond yields

From a daily chart perspective, the XAG/USD path remains unclear, trapped between daily EMAs, pending cracking resistance at around $23.74-88, which would pave the way to challenge the June 2 high of $24.01. A breach of the latter would shift Silver upwards and open the door to test the April 25 low turned resistance at $24.49 before aiming towards February 2 high at $24.63.

Conversely, XAG/USD falling below the 100-day EMA and sliding beneath the June 5 low of $23.25 could exacerbate a more profound fall toward the May 30 daily low of $22.93. Once broken, the XAG/USD next challenge will be the 200-day EMA at $22.87

The Relative Strength Index (RSI) indicator is in bearish territory, while the 3-day Rate of Change (RoC) followed suit. Therefore, in the near term, Silver’s path could be downwards.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.56 at the time of writing. Pair opened at 23.57 and is trading with a change of -0.04 % .

The pair is trading below its 20 Daily moving average @ 23.76, below its 50 Daily moving average @ 24.46 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.15

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.32, 23.06, 22.88
• Pivot resistance is noted at 23.76, 23.94, 24.2

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