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Silver Price Analysis: XAG/USD resiliently rebounds, claims $23.00 amidst high US bond yields

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Silver Price Analysis: XAG/USD resiliently rebounds, claims $23.00 amidst high US bond yields

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New update 2023.05.27 01:50
Silver Price Analysis: XAG/USD resiliently rebounds, claims $23.00 amidst high US bond yields

update 2023.05.27 01:50

  • Silver price returns from two-month lows, crosses the 200-day EMA and $23 threshold and ends the week with a 2.89% loss.
  • Despite US data supporting another Fed rate hike and subsequent rise in Treasury bond yields, silver price sustains an upward trajectory, targeting the 100-day EMA.
  • With the Relative Strength Index indicating potential silver weakness, downside risk remains.

Silver price bounces off two-month-lows hit at $22.68, rallies sharply, and claims the 200-day Exponential Moving Average (EMA) at $22.82 and the $23.00 psychological figure on Friday’s mid-North American session. Although the white metal is gaining more than 1.90%, it is set to finish the week with losses of 2.89%. At the time of writing, XAG/USD is trading at $23.15.

Silver Price Analysis: XAG/USD technical outlook

Even though economic data from the United States (US) justifies another rate hike by the US Federal Reserve (Fed). Therefore, US Treasury bond yields are rising, underpinning the greenback. However, the XAG/USD ignored most factors that could drag the price low and rip higher, eyeing the 100-day Exponential Moving Average (EMA) at $23.47.

Nevertheless, the Relative Strength Index (RSI) is in bearish territory, warranting further Silver weakness, while the 3-day Rate of Change (RoC) has yet to reach neutral levels. Therefore, additional downside could be expected.

However, if XAG/USD clears the 100-day EMA, it would face sold resistance at the confluence of the 20 and 50-day EMAs at around $23.97-24.00. Once broken, the next supply zone would be the $25.00 mark.

On the flip side, and the path of least resistance in the near term, the XAG/USD first support would be $23.00, followed by $22.68, the current week’s low. A beach of the latter will expose the March 21 swing low of $22.14.

Silver Price Action – Daily chart

XAG/USD Daily chart


Today last price 23.25
Today Daily Change 0.51
Today Daily Change % 2.24
Today daily open 22.74
Daily SMA20 24.47
Daily SMA50 24.34
Daily SMA100 23.36
Daily SMA200 22
Previous Daily High 23.15
Previous Daily Low 22.7
Previous Weekly High 24.21
Previous Weekly Low 23.33
Previous Monthly High 26.09
Previous Monthly Low 23.57
Daily Fibonacci 38.2% 22.87
Daily Fibonacci 61.8% 22.98
Daily Pivot Point S1 22.58
Daily Pivot Point S2 22.42
Daily Pivot Point S3 22.13
Daily Pivot Point R1 23.03
Daily Pivot Point R2 23.32
Daily Pivot Point R3 23.48





 : 2023.05.27


Last updated

 : 2023.05.27

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