Silver Continues Poor Performance As Price Now Eyes The $22 Point
Silver has been one of the most underperforming commodities in recent days, and it is now trading lower again today.
Silver Drifts Lower Against The USD
Precious metal Silver has been underperforming again for the second consecutive day, recording losses against the US Dollar. There is a lot of volatility in the market today as both the US Dollar and the precious metal are underperforming.
However, the greenback will have a lot to say regarding the direction of Silver. XAG opened the day trading at 22.769, up from the 22.579 it closed the previous day. However, it couldn’t maintain the superior position for long and dropped below the 22.500 region earlier today.
The decline continued until Silver hit a daily low of 22.347. The precious has slightly bounced back and is now trading at 22.529 per ounce. It is down by 0.21% over the past few hours, and every sign points to further downward movement in the coming hours.
Silver hasn’t performed excellently since the start of the year. Year-to-date, XAG is down by more than 14%, with 2021 one of the worst years for Silver in recent history.
Investors Are Paying Attention To The $22 Mark
Silver’s performance in recent days has caught the attention of market participants. Despite its poor performance, the bulls have been able to defend Silver above the $22 mark. However, any move below the $22 point could spark further sell-off of Silver, and its price could drop towards the $21-$20 region.
The greenback will have a lot to say regarding the precious metal’s performance. Hence, traders will have to pay attention to the US Dollar Index over the next few trading sessions. If the US Dollar comes out of its recent slump, it could record further gains against XAG, and that would see Silver drop lower over the coming days.