• Silver prices edge toward $23.60 following a dip below $24.00 last week, as US Treasury bond yields surge to 3.721%, curbing safe-haven appetite and softening the USD’s fall.
• XAG/USD holds its double-top chart pattern below the neckline. Although a failure to cross the 100-day EMA at $23.50 hints at the bullish sentiment, a bearish RSI suggests possible retesting.
• If XAG/USD breaks below the 100-day EMA, it eyes $23.00 and then the pivotal 200-day EMA at $22.82.

Silver price retraces toward the $23.60 area after falling below the $24.00 figure in the last week, courtesy of higher US Treasury bond yields, with the 10-year benchmark note rate at 3.721%, climbing more than four basis points. That dented the appetite for safe-haven assets, namely Gold and Silver prices, and cushioned the fall of the US Dollar. At the time of writing, the XAG/USD is trading at $23.62, almost flat as the Asian session begins.

XAG/USD Price Analysis: Technical outlook

The XAG/USD continues to validate a double-top chart pattern, with the XAG/USD’s spot price remaining below the double-top neckline. Failure to break below the 100-day Exponential Moving Average (EMA) at $23.50 keeps Silver buyers hopeful for higher prices. Nevertheless, the Relative Strength Index (RSI) indicator remains bearish, suggesting that the 100-day EMA could be retested soon.

If XAG/USD breaks below the latter, the next support would be the $23.00 figure before testing the “trendsetter” 200-day EMA at $22.82. Once broken, XAG/USD will turn bearish and be exposed to test lower prices. Firstly, the March 28 daily low at $22.83, followed by the March 21 swing low of $22.14.

On the other hand, for XAG/USD’s bullish continuation, Silver must reclaim the $24.00 mark, a troy ounce, followed by the 50-day EMA at $24.14. Once cleared, XAG/USD’s next resistance would be the 20-day EMA at $24.33, ahead of double-top neckline cracking.

XAG/USD Price Action – Daily chart