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- As we near the NY close, the white metal is trading down 0.87%.
- The US dollar fell 0.06% as the American session relaxed.
- The 10-year US Treasury yield rises to 1.26%.
Despite the US dollar weakness, silver is sliding for the third day in a row, trading nearly 1% at $ 23.06.
The US dollar index fell during the session to hit 93.51, a loss of 0.06%. Still, the 10-year US Treasury yield rose to 1.26% towards the end of the week, an increase of 18 basis points (bps).
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
XAG / USD is trading at $ 23.02 and is trending down. The daily moving averages are above $ 25.30 with the shorter time frame being below the longer time frame. As prices move down, the first support is the $ 23.07 / $ 22.97 range, followed by a really long decline towards the August 9th low at $ 22.00. On the downside, the first resistance is yesterday’s high at $ 23.52, followed by the high of the 17th.
The RSI stands at 30.33 and is pointing down to support sellers while the Average True Range (ATR) is at $ 0.57.
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