Silver Price Analysis: XAG/USD hits eight-day low, technicals suggest further declines
Trending Articles- Gold Price Trend Forecast: Expectations of Easing US-Iran Tensions Boost Gold Prices, $4,070 Becomes Key Level for Bulls and Bears
- TradingKey Daily Market Brief: Gold Falls Below $4,000, TSMC’s Strong Earnings Fail to Stop AI Trade Cooling, Chip Stocks Sold Off
- Gold Price Forecast: Cooling Inflation Fails to Offset Fed Hawkish Pressure, Gold Price May Fall to $3,500
- Euro declines to near 1.1400 as US launches fresh strikes on Iran
- Tesla Q2 Earnings Preview: Record Deliveries Fail to Hide Profit Pressure, Can Musk Rely on AI and Autonomous Driving to Unlock New Growth Space?
- Today’s Market Recap: Unexpected PPI Drop Boosts Markets, Apple Hits All-Time High, AI Hardware Stocks Remain Under Pressure, Micron, SanDisk Slump
Silver price drops to $22.43, approaching key technical support that may indicate a nearing bottom.
Technical analysis points to a potential decline toward yearly lows if prices fall decisively below $22, showcasing bearish trends.
A rebound above $23.00 might steer silver towards challenging the $23.30 resistance level, giving bulls an opportunity for recovery.
Silver price falls to an eight-day low of $22.43, though it appears to have bottomed out at around the $22.40-50 area. The advance of US Treasury bond yields capped the nonyielding metal, with XAG/USD trading at $22.49, down 0.04%.
XAG/USD Price Analysis: Technical outlook
The daily chart portrays that XAG/USD has extended its losses to levels last seen at around mid-February after briefly testing the confluence of the 50, 100, and 200-day moving averages (DMAs) at around the $23.00-$23.30 area.
Even though Silver’s price action remains sideways, it’s tilted to the downside, but sellers must step in and drag prices below the $22.00 figure. Once achieved, that would open the door to test the yearly lows of $21.93, the November 13 low of $21.88, and the October 3 low of $20.69.
On the other hand, if XAG/USD buyers lift the spot price above $23.00, look for a re-test of the $23.30 area.
XAG/USD Price Action – Daily Chart
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
