Silver price dives over 2%, as investors react to higher US Treasury bond yields.
Failure to hold above the 50-day DMA and $23.00 level triggers extended sell-off towards $21.88 support.
Potential rebound hinges on reclaiming $22.57, with silver possibly oscillating within a tight range near current levels.
Silver prices plummeted to a seven-day low during the mid-North American session on Monday, as US Treasury bond yields climbed while traders braced for the release of US inflation figures late in the week. At the time of writing, the XAG/USD exchanges hands at $22.47, down more than 2.05%.
The XAG/USD downtrend has extended as buyers failed to reclaim the 50-day moving average (DMA), which opened the door for a pullback below the psychological $23.00 figure. The downtrend resumed once Silver fell below the February 23 low of $22.57. Yet, a daily close below the latter would cement the bearish bias and open the door for a deeper correction toward the November 13 swing low of $21.88, before extending its losses to the $21.00 figure.
On the other hand, if buyers step in, and XAG/USD posts a daily close above $22.57, look for the grey metal to remain range-bound at around the $22.50-$23.00 area, capped by the DMAs, at around the $23.05-$23.26 range
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