Silver prices show little movement, trading at $22.59 amid a halt in the decline of US Treasury yields and a negligible uptick in the Dollar.
Technical analysis suggests a neutral to bearish outlook for silver, with a potential drop if it closes below the October 26 low of $22.44.
Silver's immediate support and resistance levels hover around the $22.00 and $23.00 marks, respectively.
Silver price is almost flat during Wednesday’s North American session, as US Treasury bond yields halted its decline, while the Greenback (USD) prints minuscule gains of 0.01%, as shown by the US Dollar Index (DXY). At the time of writing, the XAG/USD is trading at $22.59, after seesawing in a $22.31/$22.84 range, unable to reach the $23.00 mark.
From a technical perspective, XAG/USD is neutral to downward bias and would extend its losses once it achieves a daily close below the latest cycle low seen on October 26, a swing low of $22.44. In that outcome, the grey metal would shift downwards. Therefore, key support levels could be challenged, with the $22.00 figure, the first line of defense for Silver Bulls, followed by $21.50, followed by the $21.00 mark.
On the flip side, buyers must reclaim the 50-day moving average (DMA) at $22.75, followed by the 20-DMA at $22.84, followed by the $23.00 mark.
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