Silver's price dropped toward $25.00 a troy ounce on Monday as US Treasury bond yields rose ahead of the Federal Open Market Committee (FOMC) meeting.
Silver price dips affected by an uptick in US Treasury yields and a stronger Dollar ahead of the Fed's decision. 'Bearish harami' pattern suggests potential declines if support breaks. Staying above $25.00 may boost bullish momentum, eyeing $26.00 resistance. Silver's price dropped toward $25.00 a troy ounce on Monday as US Treasury bond yields rose ahead of the Federal Open Market Committee meeting.
It should be said that the Relative Strength Index indicator was barren from entering overbought conditions, keeping its bullish bias intact. However, the RSI edges lower, and if XAG/USD falls below $25.00, that might open the door to challenge December’s 22 high turned support at $24.60. Further downside is seen at $24.00. On the other hand, if buyers hold XAG/USD spot price above $25.00, that could open the door to test the current year-to-date high of $25.44 ahead of $26.00.
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