Silver Price Forecast: XAG/USD recovery beyond $61.00 faces selling risk
Silver (XAG/USD) registers a modest recovery from the $60.30 area, or the lowest level since August 5, touched earlier this Tuesday, though it lacks follow-through.
Silver (XAG/USD) experiences a slight rebound from the $60.30 level, which marked its lowest point since August 5, on Tuesday. Despite the recovery, the metal struggles to maintain momentum throughout the day, trading just below the $61.00 threshold, up more than 0.50%. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest potential short-covering and a bearish outlook.
The XAG/USD remains below the 200-period Exponential Moving Average (EMA) at $64.64, keeping a negative near-term bias. To see a further climb, buyers must break through the $61.00 level, which could pave the way to the $61.80-$61.85 range before testing $62.40-$62.45 support. Failure to do so may lead to a decline towards the $59.40-$59.35 zone, with potential exposure to the August monthly low at $56.60-$56.55.
Various factors impact Silver's price, including geopolitical events, interest rates, the US Dollar's performance, industrial demand, and global economic conditions.
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