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Silver edges up as rising US yields cap recovery
XAG/USD was last near $64.70 after bouncing from $63.51, with support at $61.35 and further down at $56.57.
Silver gained about 0.39% on Friday, trading around $64.70, but the rebound was limited as rising US yields weighed on XAG/USD, according to FXStreet.
The report said the metal remains downward biased despite signs of potential bottoming near the $54.70 area, around the yearly low of $54.77, while short term momentum looks more positive as indicated by the RSI.
For a bullish continuation, the first resistance is the 100-day simple moving average at $68.76, followed by the 200-day SMA at $71.64 and the $72.00 level.
On the downside, if silver falls through the July 6 high at $63.28, the next support would be the 50-day SMA at $61.35, with additional downside levels at the August 3 low of $56.57 and then the yearly low at $54.77.
Latest closeSilver $63.77 ▼0.9%