SILVER PRICE FORECAST: XAG/USD STRUGGLES AT $32.00, RETREATS AS US YIELDS EDGE HIGHER
- Silver drops 0.85%, retreating from a daily peak of $32.26, pressured by rising US Treasury yields.
- XAG/USD must decisively clear $32.00 for a bullish continuation toward the YTD high of $32.51.
- Failure to hold above $32.00 risks a slide towards $31.44, with $31.00 as key support.
Silver price retraces after matching the September 24 daily peak of $32.26 and drops beneath the $32.00 figure, losing over 0.85%, weighed by higher US Treasury yields. Also, a recovery of the US Dollar and investors' reluctance to push the grey metal prices higher kept XAG/USD at familiar levels.
XAG/USD Price Forecast: Technical outlook
The uptrend on Silver remains in place, but price action suggests that buyers are struggling to keep the spot price above the $32.00 mark. During the year, XAG/USD has cracked the $32.00 barrier eight times, but after that, the non-yielding metal, dove.
For a bullish continuation, the XAG/USD must decisively clear the $32.00 mark. After that, traders need to test the year-to-date (YTD) high at $32.51, followed by the $33.00 mark. On further strength, XAG/USD could aim towards the October 1, 2012, peak at $35.40.
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