XAG/USD jumps to $66.68m after US Treasury intervenes to curb rising bond yields, boosting precious metals demand.
Silver prices climbed more than 5% on Wednesday, reversing earlier losses as US Treasury yields declined. The move followed intervention by the US Treasury to cap long-end bond yields, which had reached levels not seen since 2007. XAG/USD traded at $66.68m after rebounding from a daily low of $62.19.
The short-term trend for silver remains upward, though prices have consolidated between $62.00 and $66.50. Analysts note that reclaiming the upper end of this range could pave the way for further gains. The Relative Strength Index (RSI) signals bullish momentum, with potential to enter overbought territory.
Immediate resistance levels for XAG/USD include the day’s high at $66.74, followed by $67.00. Beyond that, the 100-day Simple Moving Average (SMA) sits at $68.57, with the 200-day SMA at $71.88.