- Silver prices rebounded from Monday’s four-day low of $23.25, a press gain of over 1.80%.
- XAG/USD maintains an uptrend, although it would require a break above the November 17 high of $24.14 to consolidate the trend.
- A decline in silver below $23.50 could lead to a test of the 200-day moving average (DMA) at $23.29 and further the 50-DMA at $23.01.
silver the price erased Monday’s losses, which saw the gray metal sink to a four-day low of $23.25, climbing more than 1.80% to trade around $23.90 a troy ounce at the time of writing.
Market sentiment turned negative as Wall Street traded with slight losses. The yield on the 10-year US Treasury note is almost stagnant at 4.43%, although it has failed to cap silver reserves.
Technically, XAG/USD is still biased to the upside, but it needs to climb above the November 17 high at $24.14 to consolidate its upside further. Once completed, the next resistance would be the August 30 high at $25.00, followed by the July 20 swing high at $25.26.
On the other hand, if XAG/USD stays below $24.00, it would keep sellers hoping for lower prices. If silver breaks below $23.50, it could pave the way for a test of the 200-day moving average (DMA) at $23.29, followed by the 50-DMA at $23.01. A breach of the latter would reveal the 20-DMA at $22.69.
