Silver Price Forecast: XAG/USD regains ground amid a pullback in US Treasury Yields
Silver price (XAG/USD) is up 2% to near $60.40 during the European trading session on Friday, reversing its entire Thursday’s losses. The white metal strengthens as its appeal has improved due to a pullback in United States (US) Treasury Yields.
At press time, 10-year US bond yields are up 0.17% to near 2.44%. However, they corrected sharply on Thursday after failing to extend rally beyond the two-decade high at 5.36%. A pullback in US bond yields rally has also weighed on the US Dollar (USD). In early European trade, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.1% lower to near 102.00. Technically, a lower US Dollar improves risk-reward conditions for the Silver price.
However, financial markets argue that it would be early calling a pause in the US Dollar and US Treasury Yields as the conflict between the US and Iran is still intact.
Dollar dip seen as temporary as geopolitical oil premium persists
Strategists at ING observe that the Dollar "lost a bit of ground yesterday as Treasuries took a breather," but they stress that they "don’t see signs of a broader USD correction brewing." They also highlight the geopolitical backdrop, noting that while US President Donald Trump has indicated the US "won’t attack Iran before the 3 November midterms," the oil market "is reluctant to price out the geopolitical premium that has kept prices above $100/bbl despite improved Gulf supply."
Going forward, the major trigger for the Silver price will be the US Consumer Price Index (CPI) data for September, which will be released on Wednesday.
Silver Technical Analysis
In the daily chart, XAG/USD trades at $60.40, keeping a bearish near-term bias as spot holds beneath the 20-day Exponential Moving Average (EMA) at $62.14. The downside skew is reinforced by the Moving Average Exponential (20, close, 0) capping the price overhead, while the Relative Strength Index (14) at 41.86 remains below the midline, hinting at persistent but not extreme selling pressure.
On the topside, initial resistance is defined by the 20-day EMA at $62.14, and a sustained break above this barrier would be needed to ease the current bearish tone and open the way to higher levels. Looking down, the two-month low at $58.50 is the key supprot level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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