FX

Silver slides in the week down 2.91%, eyes $23.00 as we head towards the weekend

  • As we head towards the NY close, the white-metal trades down 0.87%.
  • The US dollar fell 0.06% as the American session unwinds.
  • The US 10-year Treasury yield rise to 1.26%.

Despite US dollar weakness, silver slides for the third day in a row, and trades around $23.06 down almost 1%.

The US dollar index is down at the session, sits at 93.51 for a 0.06% loss. Nevertheless, the US 10-year Treasury yield is up at 1.26%, 18 basis points (bps) rise, towards the end of the week.

In regards to yesterday’s price action, silver closed at $23.25 for a loss of 1.15%, meanwhile, the greenback reached a nine-month high, and by the close of the American session, finished at 93.56 for a 0.42% gain.

Silver technical outlook

XAG/USD trades at $23.02 and trending lower. The daily moving averages are above $25.30, with the shorter-time frame under the longer-time frames. As prices aim lower the first support is the $23.07/$22.97 range followed by a really long fall towards August 9 low at $22.00. On the other hand, the first resistance is yesterday’s high at $23.52, followed by the August 17 high at $23.95, and then the 50-day moving average confluence with a down trendline around $25.25-50 range

RSI is at 30.33 headed downwards supporting sellers, while the Average True Range (ATR) is at $0.57 flat.

Articles You May Like

Euro Declines After ECB Opens Door for Rate Cuts, Dollar Eases Following PPI Data
Singapore Q1 GDP +2.7% y/y (expected 3%)
The USD is trading higher with the greenback making new highs vs EUR, GBP, CAD leading.
Unemployment rate among Black Americans jumped in March, contrasting overall trends
Wholesale prices rose 0.2% in March, less than expected

Leave a Reply

Your email address will not be published. Required fields are marked *