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16 Jan 2024

Silver Price Analysis: XAG/USD dips below $23.00 on high US yields, as evening-star emerges

  • Silver falls 1% influenced by surging US Treasury yields and Fed's resistance to a March rate cut.
  • Technical analysis shows XAG/USD with a neutral to downward bias; key support at $22.48, and $22.00.
  • Potential rebound above $23.00 could challenge the 100-day DMA at $23.23, with further targets at $23.58/66 and the $24.00 level.

Silver price slumps below $23.00 a troy ounce, down 1% on the day, as US Treasury yields soar due to Federal Reserve (Fed) officials pushing back against a March rate cut. Consequently, the non-yielding metal has dropped and printed a two-day low at around $22.86.

From a technical standpoint, XAG/USD is neutral to downward biased, though the grey metal hasn’t been able to drop below the January 11 daily low of $22.48, which could pave the way for further downside. The formation of an ‘evening star’ exacerbated Silver’s fall, with the next support level seen as the $22.00 figure, followed by the November 13 swing low of $21.88.

On the other hand, if XAG/USD’s buyers lift prices above $23.00, they could threaten to challenge the 100-day moving average (DMA) at $23.23. Further upside is seen at the confluence of the 200 and 50-day moving averages (DMAs) at $23.58/66, before testing the $24.00 threshold.

XAG/USD Price Action – Daily Chart

XAG/USD Technical Levels

 

Jan 16, 2024

Forex Today: Dollar came back roaring on rate cut jitters

As US markets returned to their daily routine, investors’ declining speculation on interest rate cuts by the Fed lent strong support to the Greenback, while ECB officials also remained at odds with markets’ perceptions of the timing of interest rate reductions, eventually weighing on the European currency.
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Jan 16, 2024

Crude Oil continues to churn on rebel attack concerns, WTI roils near $72

West Texas Intermediate (WTI) US Crude Oil roiled on Tuesday, trading into consolidation just above $72.00 per barrel as geopolitical concerns surrounding ongoing Houthi attacks on civilian cargo ships in the Red Sea continues to prop up barrel bids in fearful, uneven market action.
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