Silver Price Forecast: XAG/USD rises above $57.50 amid safe-haven demand
Silver price (XAG/USD) extends its gains for the second consecutive day, trading around $57.80 per troy ounce during Asian hours on Friday. Silver prices advanced as a sharp selloff in equity markets triggered renewed safe-haven demand for precious metals.
Silver prices (XAG/USD) reached above $57.50 amid heightened safe-haven demand. A sharp sell-off in equity markets prompted investors to seek refuge in precious metals, driving bond yields significantly lower and supporting the metal. The geopolitical tensions between Saudi Arabia and Iran-backed Houthi forces and an Iranian projectile sinking a Singapore-flagged container ship in the Strait of Hormuz further reinforced this safe-haven sentiment.
With robust US economic data bolstering expectations of tighter borrowing conditions, the Federal Reserve's monetary policy path continued to be closely monitored. Technical analysis showed XAG/USD trading below key trend metrics and support levels, with immediate resistance at $58.81 and a more solid barrier at $62.46. While no clear nearby support levels were identified, traders were advised to monitor recent lows and psychological round figures as provisional floors, keeping the bearish bias in place as long as XAG/USD remained below the clustered moving average resistance.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
