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- Metals rose during the American session; Silver delayed gold.
- XAG / USD is well supported above $ 23.20 for now.
Silver is marginally lower on Tuesday as it is far from the bottom of the $ 22.10 crash it suffered on Monday. During the American session, the XAG / USD bottomed at $ 23.22. The metal found support again around the $ 23.20 area and moved higher.
The uptrend in silver remains limited, although gold is up nearly $ 10 in a matter of minutes. Silver follows gold as it rallies, but at a slower pace. Both metals rebounded despite higher US yields, but helped by an improvement in risk sentiment.
Volatility has subsided in the last few hours but will remain at extreme levels in the coming session even if the metal stabilizes. US inflation data is due on Wednesday and is being watched closely as it could affect expectations about Fed monetary policy.
Key support at $ 23.20
After falling sharply on Monday, the outlook for silver is still bearish. In the very near term, a break above USD 23.45 (downtrend line) should ease downside pressure; and would open the way for a test of the daily high at $ 23.68.
On the flip side, XAG / USD has critical support at $ 23.20. A break down would expose the USD 23.00 area which, if broken, should trigger a bearish acceleration.
Support: 23.20 22.80 21.89
Resistance: 23.78 24.45 24.85
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