The price of silver, represented by #XAGUSD, is experiencing further declines as the US Dollar (USD) strengthens.

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• Silver Price extends its losses due to recovery in the US Dollar (USD).

The pair currently trades last at 22.893.

The previous day high was 23.18 while the previous day low was 22.83. The daily 38.2% Fib levels comes at 22.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.05, expected to provide resistance.

Silver price continues to lose ground on the second day, trading lower around $22.90 during the Asian session on Wednesday. The pair is experiencing downward pressure due to the improved US Dollar (USD).

Additionally, the upbeat US Treasury yields contributed to underpinning the strengthening of the Greenback ahead of the release of Consumer Price Index (CPI) data from the United States (US). The yield on the US 10-year bond improved to 4.28% by the press time, snapping the recent losses.

Any inflation aberration could further reinforce the hawkish sentiment following the likelihood of a 25 basis point (bps) interest rate hike by the US Federal Reserve (Fed) in either the November or December meetings.

Additionally, there’s an expectation that the Fed will maintain higher interest rates over an extended period. These developments could potentially lead to a rise in the US bond yields, which may negatively impact the silver prices.

US CPI is expected to exhibit a 0.5% month-on-month improvement from the previous month’s reading of 0.2%. Moreover, the Core CPI figure is anticipated to remain steady at 0.2%. These figures may provide valuable insights into inflation trends in the US economy and can have a significant impact on market sentiment and trading decisions about the Silver asset.

US Dollar Index (DXY), which assesses the performance of the US Dollar (USD) against a basket of the other major six currencies, trading higher around 104.70. DXY snaps the three-day losing streak.

Moreover, the robust Greenback is expected to maintain its resilience, primarily because it has the capacity to absorb the effects of higher interest rates. This strength can make the US Dollar (USD) more attractive to investors.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.89 at the time of writing. Pair opened at 23.07 and is trading with a change of -0.78 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.61, 50 SMA 23.74, 100 SMA @ 23.8 and 200 SMA @ 23.48.

The previous day high was 23.18 while the previous day low was 22.83. The daily 38.2% Fib levels comes at 22.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.05, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.88, 22.68, 22.52
• Pivot resistance is noted at 23.23, 23.38, 23.58

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