Silver's price dropped sharply late in the North American session, as the Greenback staged a comeback bolstered by the rise in US Treasury yields.
Silver drops to $26.29 amid a strengthening US Dollar and rising Treasury yields, influenced by higher employment costs. Technical support is identified near $26.12, the high from May 5, 2023. Additional support might be found around the 78.6% Fibonacci retracement and the 50-day moving average at approximately $25.50/57. A rebound above $27.00 could set the stage for silver to target the recent high of $27.73 and challenge the $28.00 resistance level.
12, May 5, 2023, high. A breach of the latter will expose the confluence of the 78.6% Fibonacci retracement and the 50-day moving average at around $25.50/57. Otherwise, if XAG/USD recovers and edges back above the $27.00 figure, that could open the door to retesting higher prices. Subsequent gains are seen above the April 26 high at $27.73, followed by the $28.00 figure. XAG/USD Price Action – Daily Chart XAG/USD Overview Today last price 26.3 Today Daily Change -0.84 Today Daily Change % -3.
XAGUSD Metals Technical Analysis Silver
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