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Silver Price Analysis: XAG/USD rejected by the 200-day SMA as US yields recover

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Silver Price Analysis: XAG/USD rejected by the 200-day SMA as US yields recover

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New update 2023.09.20 02:14
Silver Price Analysis: XAG/USD rejected by the 200-day SMA as US yields recover

update 2023.09.20 02:14

  • XAG/USD met resistance at the 200-day SMA near $23.50 and then declined to $23.15    
  • The benchmark US 10-year  bond yield threatens multi-year highs.
  • The two-day FOMC meeting kicked off.

In Tuesday's session, the Silver Spot price XAG/USD lost momentum and failed to conquer the 200-day Simple Moving Average. The main reason was that the US Treasury yields, often seen as the opportunity cost of holding non-yielding metals, recovered as markets await Wednesday's Federal Reserve (Fed) decision.

 The 10-year bond yield reached 4.34% and trades near the crucial 4.36% threshold, which, in case of breaking it, would set a multi-year high since 2007. In addition, The 2-year yield stands at 5.08% with a 0.52% increase, while the 5-year yield is at 4.48%, up by 0.31%.

For Wednesday's Federal Reserve (Fed) decisions, despite markets anticipating a pause, a hawkish tone given by Chair Powell could boost US yields and apply further pressure on the grey metal. The US economy remains strong, mainly driven by the Services sector, while the US labour market is showing a mixed picture, and as the Fed want to see a cool down to mitigate inflation risks, it will likely leave the door open for one last hike.  

XAG/USD Levels to watch 

 The technical analysis of the daily chart suggests a neutral to bearish stance for XAG/USD as the bears work on staging a recovery. With a downward trend below its midline, the Relative Strength Index (RSI) suggests that the bear's momentum is strengthening, while the Moving Average Convergence (MACD) exhibits stagnant red bars. Moreover, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), implying that the bears retain control on a broader scale,  leaving the buyers vulnerable.

 Support levels: $23.00, $22.80, $22.50 

 Resistance levels: $23.50 - 70 (200, 20 and 100-day SMA convergence),$24.00, $24.30

XAG/USD Daily Chart



Today last price 23.15
Today Daily Change -0.11
Today Daily Change % -0.47
Today daily open 23.26
Daily SMA20 23.64
Daily SMA50 23.74
Daily SMA100 23.72
Daily SMA200 23.48
Previous Daily High 23.26
Previous Daily Low 22.96
Previous Weekly High 23.29
Previous Weekly Low 22.3
Previous Monthly High 25.02
Previous Monthly Low 22.23
Daily Fibonacci 38.2% 23.15
Daily Fibonacci 61.8% 23.08
Daily Pivot Point S1 23.06
Daily Pivot Point S2 22.86
Daily Pivot Point S3 22.76
Daily Pivot Point R1 23.36
Daily Pivot Point R2 23.46
Daily Pivot Point R3 23.65





 : 2023.09.20


Last updated

 : 2023.09.20

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