• Silver prices dived more than 2% on Monday as US Treasury yields gained traction.
  • Silver Price Analysis: In consolidation, though appears to be peaking around $24.00.

Silver prices appear to have peaked following Monday’s price action, with the white metal unable to hold to the $24.00 figure, collapsing as low as $22.76, beneath the 50-day Exponential Moving Average (EMA) at $22.93, though trimmed some of its earlier losses. Nevertheless, the XAG/USD is still down 2%, exchanging hands at $23.44.

Silver Price Analysis: XAG/USD Technical Outlook

XAG/USD prices, throughout Monday’s session, have been trading in a wide range but reclaimed a 22-day upslope support trendline that passes around $23.30. Although it erased some of its earlier losses, the XAG/USD has fallen short of reclaiming the 20-day Exponential Moving Average (EMA) at $23.67. Therefore, Silver would consolidate around the $23.30-$24.00 area unless it cracks the top/bottom of the range.a breach of the day’s high of $24.15 would put into play the YTD high of $24.54 and the psychological $25.00 mark.

As an alternative scenario, the XAG/USD first support would be $23.00. Once cleared, the XAG/USD next support would be the 50-day EMA at $22.93, followed by the 100-day EMA at $22.05.

Oscillator-wise, the Relative Strength Index (RSI) crossed below its 50-midline, so further downside is expected, while the Rate of Change (RoC) suggests that buyers stepped in around Wall Street’s close.

Therefore, the XAG/USD remains neutral biased in the near term.

Silver Key Technical Levels

This article was originally published by Fxstreet.com.Read the original article here.


Please enter your comment!
Please enter your name here