Silver Price Analysis: XAG/USD climbs above $23.50 amidst dovish Fed remarks, falling US bond yields Silver XAGUSD Commodities Metals Technical Analysis Silver
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 20-day and 50-day EMA, respectively, and support at 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 gain.price climbs past the 100-day Exponential Moving Average and trades back above the $23.50 area, sponsored by several factors.
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 toward the May 22 high of $23.91. Conversely, the XAG/USD first support would be the R1 daily pivot at $23.36 before slumping toward 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 indicator suggest further upside expected alongside the 3-period Rate of Change .
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