Silver Price Forecast: XAG/USD rebounds to near $61.00 as US Dollar comes under pressure
Silver price (XAG/USD) holds its recovery move seen in the early European trade from $60.30 to near $61.00 ahead of the opening of United States (US) markets on Tuesday.
EUR/GBP price forecast indicates that bears continue to retain control, with the pair trading around 0.8488 and hovering above Monday's low of 0.8458 since the start of the week. The Euro (EUR) is facing growing concerns over France's fiscal position, leading to a seven-day selloff. The Relative Strength Index (RSI) for EUR/GBP has turned oversold at 29, while momentum indicators such as the Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) suggest a developing downtrend.
Rabobank analysts have revised their 3-month forecast for EUR/GBP to 0.85, noting that France's political and fiscal issues are more challenging than the UK's. The pair is currently trading below the 50-, 100-, and 200-day Simple Moving Averages, which range between 0.8565 and 0.8632. The nearest resistance levels are at 0.8500 and 0.8540, with further support near the July low of 0.8455.
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