XAG/USD – Turns higher after hitting extreme area
Silver drops towards major moving averages early on Tuesday. This is a market that is structurally bullish, but has many headwinds at the moment that are beyond the market's control.
Silver drops below $65 as hawkish Fed bets weigh on XAG/USD
Hello Traders, in today's blog we're reviewing the $XAGUSD wave count shared with members, which highlighted a strong bullish outlook. The Elliott Wave pattern confirmed the move right at the extreme/high‑frequency zone, propelling prices sharply higher.
Silver prices fall more than 2% as 4.78% Treasury yields, oil above $90 and a firm dollar pressure XAGUSD ahead of Friday's jobs report.
Silver price today: Silver falls, according to FXStreet data
Silver Price Forecasts: XAG/USD looks for direction above key support at $65.50 area
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Silver Price Forecast: XAG/USD trades flat around $66.60 ahead of US data
Peter Krauth sees Silver reaching $80 to $85 before year-end [Video]
Silver tests $65.67 and its 20-day average after a 29.5% rebound. Holding support keeps the uptrend intact, with resistance clustered near $71.56–$72.44.
Silver prices held $65.67 after Warsh's rate warning and higher oil kept sellers in control, leaving Friday's jobs report as the next test for XAGUSD.