Silver Price Forecast: XAG/USD Drops To Near $23 As 10-Year US Yields Soar To 5%


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  • Silver price slips to near $23.00 amid higher US bond yields.
  • Iran’s intervention in the Israel-Palestine conflict would widen Middle East tensions.
  • Silver price aims to climb above the 61.8% Fibo retracement at $23.36.
  • Silver price (XAG/USD) eases from monthly highs around $23.70 as 10-year US Treasury yields rose to 5% in the New York session. The white metal falls to near $23.00 amid a data-packed weak. Long-term US bond yields rose to record highs since 2007 on expectations that the Fed will keep interest rates higher for a longer period.S&P500 opens on a bearish note amid escalating Middle East tensions. Iran’s intervention in the Israel-Palestine conflict would widen Middle East tensions. The US Dollar Index (DXY) demonstrates a volatile performance around 106.00 as the focus shifts to the United States Gross Domestic Product (GDP) data for the July-September quarter, which will be announced on Thursday.As per the estimates, the growth rate was 4.2%, double from 2.1% recorded in the April-June quarter. An upbeat US GDP data would elevate hops of one more interest rate increase from the Federal Reserve (Fed).Before that, investors will look for the preliminary S&P Global PMI for October, which will be published on Tuesday at 13:45 GMT. The Manufacturing and Services PMI is seen declining to 49.5 and 49.9 respectively.Silver technical analysisSilver price aims to climb above the 61.8% Fibonacci retracement (plotted from August 30 high at $25.00 to October 03 low at $20.68) at $23.36 on a two-hour scale. The short-term bias for the white metal is bullish as it is comfortably trading above the 50-period Exponential Moving Average (EMA), which trades at $23.00.The Relative Strength Index (RSI) (14) drops into the 40.00-60.00 range, indicating a rangebound move ahead.Silver two-hour chart XAG/USD

    OVERVIEW Today last price 23.15 Today Daily Change -0.21 Today Daily Change % -0.90 Today daily open 23.36

     

    TRENDS Daily SMA20 22.21 Daily SMA50 22.93 Daily SMA100 23.3 Daily SMA200 23.33

     

    LEVELS Previous Daily High 23.7 Previous Daily Low 22.88 Previous Weekly High 23.7 Previous Weekly Low 22.37 Previous Monthly High 24.82 Previous Monthly Low 22.12 Daily Fibonacci 38.2% 23.39 Daily Fibonacci 61.8% 23.19 Daily Pivot Point S1 22.93 Daily Pivot Point S2 22.49 Daily Pivot Point S3 22.1 Daily Pivot Point R1 23.75 Daily Pivot Point R2 24.14 Daily Pivot Point R3 24.58

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