Silver price failed to extend its gains on Wednesday and lost over 1% as US Treasury yields rose following a US 5-year Note auction.
Silver drops over 1%, closes below $29.00, pressured by higher US Treasury yields. Bearish momentum intensifies; RSI decline hints at further losses. Key supports: 100-DMA at $28.43, $28.00, and cycle low at $26.02 . The XAG/USD trades at $28.83, finally achieving a daily close beneath $29.00, opening the door for further downside. XAG/USD Price Analysis: Technical outlook From a technical perspective, the XAG/USD dropped beneath $29.
Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
XAGUSD Technical Analysis Silver
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