Silver Slides from Ten-Day High, Pushed Lower by Rising USD and Yields

    XAG/USD Has No Acceptance above $28

    Silver moved into negative territory on Wednesday, dropping below $28 and thus holding onto the retreat from ten-day highs of $27.56 begun yesterday. 

    The daily chart shows that silver’s price hovers in a two-week-old symmetrical triangle, heading for the lower boundary at $27.60. This level also coexists with the upward-turning 21-daily moving average. 

    A dive in silver’s price is occasioned by the rise of the USD dollar and the Treasury yields that, in turn, were boosted by strong US ISM Manufacturing PMI. Investors’ worries about inflation and stimulus do not work to silver’s advantage either. 

    The 14-day Relative Strength Index (RSI) has weakened but it still remains above the midline, which suggests that downside will be limited. If on a day silver closes below the mentioned support mark, there might be a triangle breakdown bringing the possibility of the $27 threshold. 

    If silver’s luck continues to turn south, the $26.40 mark will act as powerful support. It will comprise both the 50-day and 100-day DMAs. 

    On a positive side, if silver’s price bounces from the triangle support, the $28.50 supply area will emerge, which might turn the white metal’s trend bullish. At this point, Tuesday’s high and pattern resistance will overlap. 

    Silver traded at 27.9 at the open on Wednesday. It was last seen trading at 27.68. A price change constitutes so far -0.68%. 

    Related Articles

    USD/CNH Price Analysis: Pair to Continue Downturn Movement

    Analysts Focus on 6.3300 as Sign of USD’s Recovery Analysts...

    GBP/JPY to Move towards Fib Marker at 159.99

    Pair Needs to Breach 147.96 Neckline to Move Further The...

    EUR/USD to Consolidate in 1.2150-1.2265 Range

    Euro to Trade between 1.2180-1.2235 on Thursday In analysts’ opinion,...

    Copper to Head for 11,000 Level

    The $9,719-$9,617 Zone to Offer LME Valuable Support Copper (LME)...

    EUR/CHF Technical Analysis: Pair Rebounds at 1.0927 Uptrend

    EUR/CHF to Taste Resistance at the 1.1009-20 Area The EUR/CHF...

    AUD to Remain around $0.78 over Next Few Years

    RBA Expected to Enlarge Bond Purchase Program Next Month The...

    Crude Oil to Reach Fresh High at $68.00

    If Price Breaches $67.50 Mark, It will Shoot Even...

    USD/JPY: Pair to Head for 110.97 March High

    Yen Remains Positive above 108.55 The USD/JPY pair has recovered,...