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XAG/USD Remains Under Pressure

Silver struggled after US Treasury yields jumped on Fed’s hawkish tilt. A bearish MA cross on the daily chart indicates a deterioration in the market mood after a drop below the floor at 23.00.

An oversold RSI caused a limited rebound which was then capped by 23.30. This was a sign that the bears were still in control of the direction.

The psychological level of 22.00 is the next support. Its breach would lead to September’s lows at 21.50, an important level to keep the metal afloat in the medium term.

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