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XAG/USD Tests Psychological Support

Silver falls as US treasury yields inch higher ahead of the jobs report.

The rally above 25.40 had prompted sellers to cover, but the bulls have met stiff selling pressure at 26.00, a former support that has turned into a resistance. 25.25 has failed to initiate a rebound, leaving the psychological level of 25.00 as a second chance.

An oversold RSI may rekindle buyers’ interest to trade the dip. Otherwise, the bearish sentiment would invalidate the latest rebound and the metal could be vulnerable to a new round of sell-off.

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