XAG/USD climbs above $23.50 amid dovish Fed remarks, falling US bond yields – Crypto News – Crypto News
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XAG/USD bears have the upper hand below $19.00 mark XAG/USD bears have the upper hand below $19.00 mark

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XAG/USD climbs above $23.50 amid dovish Fed remarks, falling US bond yields – Crypto News

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  • XAG/USD ascends past the 100-day EMA, powered by dovish remarks from Fed officials and reduced US Treasury yields.
  • The technical outlook indicates potential resistance at the 20-day and 50-day EMAs, respectively, and support at the 100-day and 200-day EMAs.
  • Further upside is expected based on the RSI and 3-period RoC, although key pivot points and daily highs need to be breached for significant gains.

Silver The price climbs past the 100-day Exponential Moving Average (EMA) and trades back above the $23.50 area, supported by several factors. Firstly, US Federal Reserve (Fed) Vice-Chairman nominee Philip Jefferson delivered dovish remarks alongside Philadelphia Fed’s Patrick Harker, while confidence about passing the US debt-ceiling bill triggered a fall in US Treasury bond yields.

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, XAG/USD is neutral to upward biased, capped on the upside by the confluence of two daily EMAs: the 20-day at $23.80 and the 50-day at $23.93. Upside risks lie above those levels, exposing the $24.00 figure. Conversely, XAG/USD sellers claiming the 100-day EMA at $23.46 could threaten to challenge the 200-day EMA at $22.84 for the third time.

The XAG/USD hourly chart indicates the white metal is upward biased but facing solid resistance at the R2 pivot point at 23.54, with upside risks at the May 23 daily high of 23.63. A breach of the latter, XAG/USD could climb towards the May 22 high of $23.91. Conversely, the XAG/USD first support would be the R1 daily pivot at $23.36 before slumping towards the central pivot at $23.14. Once cleared, the daily low of $23.07 would be up for grabs, ahead of falling to the S1 pivot point at $22.96.

Of note, oscillators like the Relative Strength Index (RSI) indicator suggest further upside expected alongside the 3-period Rate of Change (RoC).

XAG/USD Price Action – Hourly chart

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