Silver prices decrease by 1.82% due to increasing US Treasury bond yields and higher chances of a Federal Reserve interest rate increase in July.
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- Silver slides 1.82% as soaring US Treasury bond yields and heightened odds of a Fed rate hike in July weigh heavy.
The pair currently trades last at 22.683.
The previous day high was 23.31 while the previous day low was 22.77. The daily 38.2% Fib levels comes at 23.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.
Silver price dropped below the $23.00 mark as US Treasury bond yield soared after the latest Fed’s minutes and a tranche of US economic data increased the odds for Fed’s July rate hike. At the time of writing, the XAG/USD is trading at $22.69, down 1.82%.
XAG/USD turned bearish during Thursday’s session. Silver’s price dropping below the 200-day Exponential Moving Average (EMA) at $22.93 opened the door for further losses, though so far failed to crack the May 26 swing low of $22.53.
If XAG/USD stays above the latter, the white metal could consolidate at around the $22.50-$22.90 range. Otherwise, Silver’s sliding below the bottom of the range will expose the June 22 swing low of $22.11 before testing $22.00. Once cleared, the XAG/USD next support will be the March 16 swing low of $21.47.
Conversely, if XAG/USD stages a comeback and reclaims the 200-day EMA, the XAG/USD’s next resistance will be the $23.00 psychological level. A breach of the latter will increase the odds for a recovery to the 20-day EMA at $23.06.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.7 at the time of writing. Pair opened at 23.13 and is trading with a change of -1.86 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.70 |
| 1 | Today Daily Change | -0.43 |
| 2 | Today Daily Change % | -1.86 |
| 3 | Today daily open | 23.13 |
The pair is trading below its 20 Daily moving average @ 23.27, below its 50 Daily moving average @ 23.82 , below its 100 Daily moving average @ 23.38 and above its 200 Daily moving average @ 22.64
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.27 |
| 1 | Daily SMA50 | 23.82 |
| 2 | Daily SMA100 | 23.38 |
| 3 | Daily SMA200 | 22.64 |
The previous day high was 23.31 while the previous day low was 22.77. The daily 38.2% Fib levels comes at 23.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 22.83, 22.53, 22.29
- Pivot resistance is noted at 23.37, 23.61, 23.9
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.31 |
| Previous Daily Low | 22.77 |
| Previous Weekly High | 23.10 |
| Previous Weekly Low | 22.28 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 23.10 |
| Daily Fibonacci 61.8% | 22.98 |
| Daily Pivot Point S1 | 22.83 |
| Daily Pivot Point S2 | 22.53 |
| Daily Pivot Point S3 | 22.29 |
| Daily Pivot Point R1 | 23.37 |
| Daily Pivot Point R2 | 23.61 |
| Daily Pivot Point R3 | 23.90 |
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