XAGUSD falls despite cheaper oil as the two-year yield reaches 4.788% and silver ETF outflows deepen the bearish outlook.
Silver price today: Silver falls, according to FXStreet data
Hello fellow traders. In this technical blog, we'll take a quick look at the Elliott Wave charts for Silver (XAGUSD) published in the members' area of our website.
Silver trades the yield, not the deficit
Silver remains range-bound above $65 support, with a break above $71 needed to strengthen the bullish outlook.
Silver's two-day rally failed at $67.34 before sellers broke Friday's low and $65.32. A DXY swing-top breakout and firm yields put $63.26 in focus.
Silver's bullish breakout puts $71.18 and the 200-day moving average near $73.14 in focus.
Silver's rebound remains intact, but a firm dollar is capping gains despite lower Treasury yields. Fed talk now decides whether $67.34 comes back into play.
XAGUSD spikes higher Precious metals have seen a surge in the past month as traders flocked to safe havens, with XAGUSD among the markets attracting renewed attention. XAGUSD has fallen back slightly after hitting the psychological level of 67.00, and this could be the ultimate test of buyers' resolve.
Silver price today: Silver broadly unchanged, according to FXStreet data
Silver Price Forecast: XAG/USD falls to near $66.00 amid Middle East tracking
Gold and silver prices are consolidating near key technical levels as elevated U.S. bond yields continue to limit their recovery.