Silver price continues to follow its downward trajectory, trading lower around $21.80 during the Asian session on Monday. The prices of non-yielding assets like Silver face challenges, primarily due to the upbeat US Treasury Yields. The yield on the 10-year US Treasury bond stands at 4.61%, up by 0.96% by the press time.
Furthermore, China released its Manufacturing PMI data over the weekend, indicating improvement and entering positive territory. However, this positive development did not seem to have a favorable impact on Silver prices.
Chinese NBS Manufacturing PMI for August increased to 50.2 from the previous 49.7 figures, surpassing the anticipated 50.0. Additionally, the Non-Manufacturing PMI climbed to 51.7 from the previous reading of 51.0, exceeding the market consensus of 51.5.
The current downward momentum in the pair appears to have a bearish bias, given that the 14-day Relative Strength Index (RSI) remains below the 50 level.
The XAG/USD pair could meet support at the $21.50 psychological level, following the $21.00 level.
On the upside, the 23.6% Fibonacci retracement at $22.46 lined up with the seven-day Exponential Moving Average (EMA) at $22.49.
A firm break above the latter could influence the XAG/USD pair to explore the area around the 14-day EMA at $22.79, followed by the $23.00 psychological level.
The Moving Average Convergence Divergence (MACD) indicator is providing a weak signal for the Silver bulls. The MACD line lies below the centerline and the signal line. This configuration suggests that there is potentially weak momentum in the XAG/USD's price movement.
Overview | |
---|---|
Today last price | 21.86 |
Today Daily Change | -0.33 |
Today Daily Change % | -1.49 |
Today daily open | 22.19 |
Trends | |
---|---|
Daily SMA20 | 23.07 |
Daily SMA50 | 23.44 |
Daily SMA100 | 23.51 |
Daily SMA200 | 23.45 |
Levels | |
---|---|
Previous Daily High | 23.56 |
Previous Daily Low | 22.12 |
Previous Weekly High | 23.65 |
Previous Weekly Low | 22.12 |
Previous Monthly High | 24.82 |
Previous Monthly Low | 22.12 |
Daily Fibonacci 38.2% | 22.67 |
Daily Fibonacci 61.8% | 23.01 |
Daily Pivot Point S1 | 21.69 |
Daily Pivot Point S2 | 21.18 |
Daily Pivot Point S3 | 20.24 |
Daily Pivot Point R1 | 23.13 |
Daily Pivot Point R2 | 24.07 |
Daily Pivot Point R3 | 24.58 |
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