• Silver price has found support at the 100-day EMA amidst rising US Treasury bond yields.
• However, it faces solid resistance at the $23.74-88 range, where the 20 and 50-day EMAs are located.
• XAG/USD is currently trading nearly flat at $23.52, with its technical outlook remaining uncertain.

The silver price has shown resilience amidst the rise in US Treasury bond yields, finding support at the 100-day Exponential Moving Average (EMA) level of $23.47. However, it has struggled to make a significant rally, as solid resistance around the $23.74-88 region, where the 20 and 50-day EMAs are located, has impeded its upward movement. Currently, XAG/USD is trading at $23.52, maintaining a relatively flat position.

It is important to note that the analysis of gold prices can provide valuable insights into the silver market. As gold and silver often exhibit a positive correlation, it is worth considering the forecast for gold prices as well. The current forecast indicates that XAU/USD is steadily holding around the $1960s level despite the upward pressure on US bond yields.

Taking a closer look at the technical outlook for XAG/USD, the daily chart reveals a state of uncertainty. The price of silver remains trapped between the daily EMAs, with a key resistance level lying around $23.74-88. A breakthrough at this resistance zone would signal a bullish shift and potentially lead to a challenge of the June 2 high at $24.01. If this level is breached, it could pave the way for further upside momentum, with the next targets being the resistance-turned-support level at $24.49, previously the April 25 low, followed by the February 2 high at $24.63.

It is important for investors and traders to closely monitor the developments in the silver market, particularly in relation to US bond yields. The rise in bond yields has a significant impact on precious metals, as higher yields can attract investors away from non-yielding assets like silver. Therefore, any further increase in US bond yields could pose challenges for the silver market and potentially hinder its upward potential.

In conclusion, the silver price analysis indicates that XAG/USD is currently trapped within EMAs, with solid resistance at the $23.74-88 area impeding its rally. Despite finding support at the 100-day EMA, silver has been unable to gain significant momentum. Investors should consider the forecast for gold prices as well, as it can provide insights into the overall precious metals market. The technical outlook suggests that a breakthrough of the resistance level could lead to further upside movement in silver. However, it is crucial to closely monitor the impact of rising US bond yields on the silver market, as it could influence its future performance.