Silver Slides Below 200-Day SMA as Dollar Strengthens, Bears Eye $61
Silver fell over 3.32% on Friday, losing the 200-day SMA support, as the US Dollar rallied and Treasury yields rose on hawkish Fed signals.
XAGUSD
Silver (XAGUSD) extended its losing streak for a third straight session on Friday, dropping more than 3.32% and sliding below the 200-day simple moving average.
The decline was driven by broad US Dollar strength and a rise in US Treasury yields, which have been climbing since Wednesday following a hawkish stance from the Federal Reserve. The move has put bears in control, with the next downside target seen at $61.
No other catalysts were cited in the session.
Source: FXStreet Forex News