EUR/USD Price Forecast: Fresh downside likely if sustain below 1.1455

Silver price (XAG/USD) rose 2.26% to approximately $66.80 during the European trading session, driven by a correction in oil prices and a decline in US Treasury Yields. Saudi Arabia's consideration of energy exports led to a decrease in WTI Oil prices, easing fears of high inflation expectations and reducing the likelihood of central banks raising interest rates, which in turn boosted the appeal of non-yielding assets like Silver.

Additionally, a pause in the oil rally and Federal Reserve's hawkish stance on interest rates further supported the Silver price. As of now, 10-year US Treasury Yields are near their weekly low of 4.94%, down from a 19-year high of 5.04% on Tuesday. A strong US Dollar, due to increased expectations of hawkish Fed actions, may limit the potential upside in Silver.

The US Dollar Index (DXY) has remained stable, hovering close to a six-week high of 100.37. Technically, the price of XAG/USD trades above the 20-day Exponential Moving Average ($65.15), indicating a positive near-term bias, and the Relative Strength Index (RSI) at 54.97 suggests a constructive but not overly aggressive bullish momentum.

The key support level for Silver is at the 20-day EMA ($65.15), while the next resistance level is at the September 9 high of $68.33. Silver is a precious metal often used as a store of value and a hedge against inflation. It is susceptible to various factors, including geopolitical instability, economic uncertainty, and changes in the value of the US Dollar.

Its price is also influenced by investment demand, mining supply, and recycling rates. Silver's industrial applications in sectors such as electronics and solar energy also contribute to price fluctuations.