Silver Price Forecast: XAG/USD bears have the upper hand below $64.00 and 200-day EMA
Silver (XAG/USD) struggles to capitalize on the previous day's modest gains and fails to break above the $64.00 round figure during the Asian session on Wednesday.
Silver's price struggles to break above $64.00 during the Asian session on Wednesday, as traders wait for the Federal Reserve's policy decision. The highly anticipated Fed rate hike is priced in, and oil-driven inflation risks support rising US bond yields. The safe-haven US Dollar is near a two-week top, which hinders the non-yielding XAG/USD.
From a technical standpoint, silver trades below the 200-day EMA, around $64.13, and remains above key Fibonacci retracement levels. Negative MACD readings and a Relative Strength Index around 46 indicate a downside bias, unless XAG/USD reclaims the 200-day EMA. Support can be found at the 50.0% retracement near $62.94, with the 61.8% level at $61.06 providing a deeper cushion.
A break below $61.06 would reinforce the bearish sentiment. Silver is a valuable metal used for various purposes, including investment, and its price is influenced by factors like geopolitical events, interest rates, and the US Dollar's strength.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
