On Wednesday, the XAG/USD Silver Spot price closed near $23.00, as the reports of strong US economic activity fueled expectations of a more aggressive
US yields are rising after the release of US August ISM PMIs.On Wednesday, the XAG/USDSpot price closed near $23.00, as the reports of strong US economic activity fueled expectations of a more aggressive Federal Reserve for the remainder of the year.
US bond yields sharply rose, often seen as the opportunity cost of holding non-yielding metals. The rate for the 2-year bond increased to 5%, whereas the rates for the 5-year and 10-year yields are at 4.43% and 4.30%, respectively. In addition, the USD measured by the DXY index turned its course north after the release of the ISM PMI from August and increased above 105.00, presenting further challenges to the metal.
In addition, Wall Street didn’t welcome the ISM figures, and the S&P 500 dropped by nearly 0.80% to its lowest level in a week. The Dow Jones Industrial Average and the Nasdaq Composite also decreased, with losses between 0.50-0.80% Analysing the daily chart, the XAG/USD technical outlook is bearish in the short term.
Furthermore, the four-hour chart flashes oversold signals, which could suggest that the metal may correct to the upside in the near term.XAG/USD Daily Chart
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