Silver Price Forecasts: XAG/USD hits highs past $69.00 amid US Dollar weakness

Silver (XAG/USD) surges to a two-month high above $69.00 on Friday, driven by a weakening US Dollar. The precious metal is projected to rally 6.6% weekly, as investors flee the Dollar following the US Treasury's plan to increase buybacks of long-term securities. Commerzbank analysts highlight that the Treasury prefers a weak USD to higher interest rates.

XAG/USD maintains a bullish structure, with momentum indicators signaling strong but maturing bullish momentum. Bulls may face resistance at the $70.00 level, with key resistance at $71.56 and the 200-day SMA at $72.05. Support could be found around $67.20 and $61.00. Silver is a traded commodity used as a store of value and hedge during high inflation periods.

Its price is influenced by factors such as geopolitical events, interest rates, and industrial demand. The Gold/Silver ratio may also impact prices, with a high ratio potentially indicating Silver's undervaluation.