SILVER → XAG/USD clears losses, driven by lower US yields
Upon analyzing the chart, bearish sentiment is evident for the short term for the
XAGUSD
Relative Strength Index (RSI) resides below its midline in negative territory, exhibiting a southward trajectory which aligns with a negative indication from the Moving Average Convergence Divergence (MACD), as shown by the presence of red bars, underscoring the growing bearish momentum. On the other hand, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), highlighting the continued dominance of bears on the broader scale, requiring the buyers to take action. That being said, fundamentals could revive the bullish momentum in case it aligns with the dovish Fed rhetoric.
Support levels: $22.30, $22.15, $22.00
Resistance levels: $22.85 (20-day SMA), $23.15-30 (100 and 200-day SMA convergence), $23.50
XAGUSD
Relative Strength Index (RSI) resides below its midline in negative territory, exhibiting a southward trajectory which aligns with a negative indication from the Moving Average Convergence Divergence (MACD), as shown by the presence of red bars, underscoring the growing bearish momentum. On the other hand, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), highlighting the continued dominance of bears on the broader scale, requiring the buyers to take action. That being said, fundamentals could revive the bullish momentum in case it aligns with the dovish Fed rhetoric. Support levels: $22.30, $22.15, $22.00
Resistance levels: $22.85 (20-day SMA), $23.15-30 (100 and 200-day SMA convergence), $23.50