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Silver slips toward $65 as traders eye head-and-shoulders risk below $67
Silver fell 1.4% to about $65.31 after failing to hold gains near $67 and as elevated US bond yields weighed on the yieldless metal.
Silver is slipping after failing to clear a key resistance zone near $67, with the metal retracing to two day lows around $65.31 and ending the move down 1.4%, FXStreet reports. The latest price action follows a retreat from a recent peak near $71.12, after which silver was capped near the 100 day simple moving average around $67.27. FXStreet says the rebound effort has faded amid elevated US bond yields, tied to rising inflationary pressures. FXStreet also flags technical risk of a head and shoulders pattern on the daily chart, noting it is not yet confirmed. The analysis says that if XAG/USD falls below $65.00, it could set up a test of the September 2 low at $63.32. A confirmed break of that level would open the door to a move toward the $55 psychological mark, according to the same technical view. Conversely, the report says reclaiming the 100 day SMA could support a push back toward the $70 area.
Latest closeSilver $59.48 ▼0.7%