The geopolitical risks continue to be elevated as the Russo–Ukraine war rages on and Western leaders raise alarm over possible Russian chemical weapons attack.

Support at $24.50 holds for now. However, a bearish break could see 200 and 50DMAs at $24.00 tested.

Spot silver (XAG/USD), prices have stabilized in recent trade at $24.80. They had previously fallen as low as $24.50 earlier in the day. This is despite global equity and bond yields continuing their upward push, which usually means precious metals get a double whammy. Fairness be told, XAG/USD is still down about 1.5% per day. The bears are not yet ready to push precious metal below the $24.50 level last week, despite the fact that energy and commodity prices remain very high (which is keeping stagflation worries alive).

As the Russo–Ukraine conflict rages on, and Western leaders raise alarm about possible Russian chemical weapons attacks that could help to break the current deadlock, geopolitical risk remains elevated. This would accelerate the imposition ever more harsher Western sanctions against Russia. The EU is now leaning towards a blanket Russian oil import prohibition. However, this week's further hawkish shift by Fed Chair Jerome Powell which stoked fears that the Fed might raise rates by more than 25% at upcoming meetings seems like it has overruled geopolitical concerns.

There has been much attention on the recent sharp upside in US and global yields. This has raised the opportunity cost to hold non-yielding assets such as silver. If the recent upward yield moves continue and if the equity space's risk appetite remains healthy, then a bearish breakout in XAG/USD could be possible. Below $24.50, the 200- and 50-Day Moving averages in the $24.00 region will be the next major support.