- Silver retreats over 1% from $32.64 as rising US Treasury yields undermine gains.
- Technical outlook suggests consolidation possible between $31.00 and $32.60, with resistance at $33.00.
- Downward pressure may test support levels at $31.10 and $31.00, near critical moving averages.
Silver’s price retreats after hitting a weekly high of $32.64 and drops below the psychological figure of $32.00 after the release of mixed US jobs data. The jump in US Treasury bond yields and Greenback’s remaining bid were headwinds for the grey metal. Therefore, Silver (XAG/USD) trades at $31.82, with losses of over 1%.
XAG/USD Price Analysis: Technical outlook
Despite reaching a two-month high, XAG/USD seems poised to consolidate around $31.00 – $32.60 unless buyers drive prices above $33.00 a troy ounce. Momentum has shifted bearish in the short-term, as portrayed by the Relative Strength Index (RSI), but buyers are in charge as the RSI remains above its neutral line.
XAG/USD needs to surpass $33.00 for an extension of the uptrend. A breach of that level could propel prices to test the October 29 swing high of $34.54, ahead of challenging last year’s peak at $34.86.
On the flip side, a further downside is seen below the 100-day SMA at $31.10, followed by the $31.00 figure. Once those levels are cleared, the next support would be the 50-day SMA at $30.47, followed by the 200-day SMA at $30.27
XAG/USD Price Chart – Daily
