[ad_1]
- As Asian markets open, the white metal is up 0.05%.
- The US dollar was responsible for the price of silver when Fed talks to cut bonds began at the last meeting.
- The silver slide was capped at $ 23.07 with the next target at $ 22.00.
The white metal slid in the session as the US dollar remains supported on expectations that Feds bonds will decline by year-end. Silver was last traded at around $ 23.23 while the US dollar index traded flat at 93.55 when the Asian markets opened.
Based on yesterday’s price action, silver closed at $ 23.25, down 1.15%, while the greenback hit a nine-month high and ended the US session at 93.56, a gain of 0.42%.
Silver technical outlook
Yesterday’s decline in XAG / USD retreated at $ 23.07 and eventually closed at $ 23.25. The daily moving averages are above $ 25.30 with the shorter timeframe being below the longer timeframes. With prices targeting higher at the time of writing, next resistance will be yesterday’s high at $ 23.52, followed by the high from August 17th at $ 23.95. On the downside, the initial support is the $ 23.07 / $ 22.97 range, followed by a really long decline towards the August 9th low at $ 22.00
The RSI stands at 32.45 and is facing the downside to aid sellers while the Average True Range (ATR) stands at 0.63 US cents.
[ad_2]
