XAG/USD Sees Limited Bounce

Silver slipped again amid rising long-term US yields as holding the precious metal would incur a higher opportunity cost.

The price has retreated to January’s low at 24.00. Profit-taking from short-term traders may help lift bids while an oversold RSI recovers into neutrality.

However, sentiment would remain bearish as long as the price stays below 24.80. Trend followers are likely to sell into strength in case of a rebound near the moving averages.

A drop below 23.60 could trigger an extended sell-off into the 22s.