Silver Price: XAGUSD Reverses From Daily Highs, As Further Weakness Stays in Focus

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After failing to consolidate the prior week’s high at $26.30, Silver (XAG) has dropped back towards the $26.00 level with Friday’s close of $25.85 level. A sharp rise in US Treasury bond yields appears to be putting pressure on the white metal. From the last session, the benchmark 10-year US T-bond yield stays at 1.567 percent, up nearly 2%.

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XAGUSD Price Analysis – April 29

Key Levels
Resistance Levels: $28.90, $27.50, $26.64
Support Levels: $25.50, $24.50, $23.50
XAGUSD Long term Trend: Ranging
With prices consolidating beneath the $26.65 resistance zone, XAGUSD has held a tight grip near the moving average of 5. The resistance level near $26.64 remains within reach on the upside. However, only a good close above the prior day’s high at the $26.40 level can signal additional gains.

In the white metal, the pair may open with a downside bias. If Silver loses the $26.00 round number, we foresee a drop to the $25.00 support band during the new week. The relative strength index is almost at its midpoint, which may indicate a weakness in price near the $26.00 support mark.
XAGUSD Short term Trend: Ranging
The XAGUSD price is expected to trade sideways in the near term before it flips moving averages 13 into support, which is located above the $26.00 mark. Bears would set their sights on $25.50 as an immediate target, with a breach risking a move towards a $25.00 support band.

Bearish short-term analysis and negative sentiment aid bears, who are ignoring the recent bounce from $23.78 Mar.31 low for the time being, although some price adjustment may be anticipated. Downticks beneath key support are expected to provide better opportunities to re-join the bearish market in the coming session.

 

Source: https://learn2.trade

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