Silver Price Forecasts: XAG/USD, capped below $62.00 but steady near one-month highs
Silver (XAG/USD) has found some resistance at the $61.90 area on Wednesday, before pulling back to $61.24 at the moment of writing, but remains above the top of the last four weeks’ range, at the $60.90 area.
Silver (XAG/USD) is currently trading near one-month highs, hovering around $61.90. However, the price has recently retreated to $61.24. Lower US Treasury yields and weak economic data have fueled support for silver amid reduced expectations of Federal Reserve rate hikes. Analysts from MUFG note that the US Dollar has weakened since last week's FOMC meeting, with the dollar index falling below the 100.00 level.
US economic data, including Factory Orders and JOLTS Job Openings, missed expectations, leading to a drop in hopes of a September rate hike. Investors will be closely watching the upcoming US ADP employment report and Nonfarm Payrolls release for confirmation of this trend. Technical analysis shows that a break above July's top at $63.12 would confirm a bullish shift, with support at $59.35 and targets of $63.12 and $65.65 on the upside.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
