Tue. Oct 19th, 2021

  • As we head toward the close of New York, white metal shrinks 0.87%.
  • The US dollar fell 0.06% as the US session unfolded.
  • The ten-year U.S. Treasury yield rises to 1.26%.

Despite the weakness of the US dollar, silver slipped for the third day in a row and traded around $ 23.06 almost 1%.

The US dollar index fell in the session, standing at 93.51, with a loss of 0.06%. However, the U.S. 10-year Treasury yield rises to 1.26%, 18 basis points (pbs), by the end of the week.

As for yesterday’s price action, silver closed at $ 23.25 for a loss of 1.15%, meanwhile the green dollar hit a nine-month high and at the close of the US session, finished at 93.56 with a gain of 0.42%.

Silver technical perspectives

XAG / USD is trading at $ 23.02 and down. Daily moving averages exceed $ 25.30, with the shortest time period being the longest. As prices want to go down, the first support is $ 23.07 / $ 22.97 followed by a very long drop to the August 9 low at $ 22.00. On the other hand, the first resistance is yesterday’s high at $ 23.52, followed by the August 17 high at $ 23.95 and then the 50-day moving average confluence with a trend line descending around $ 25.25 to $ 50.

RSI is at 30.33 down to support sellers, while the average True Range (ATR) is $ 0.57 flat.

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