Silver Price Forecast: XAG/USD flirts with 200-hour EMA/38.2% Fibo. confluence near $74.00
Participants cannot be blamed for the current uncertainty; we are now in the aftermath of a series of decisions made by major Central Banks. Fundamentals are inconsistent, leading to a widespread sense of confusion across all asset classes, resulting in a slow consolidation.
XAU/USD, XAG/USD Outlook: Following a chaotic session of 10% swings, precious metals enter a slow consolidation phase amid inconsistent central bank fundamentals. As Silver ticks up 1% and Gold retreats from $4,400, markets await clear catalysts.
Silver Price Forecast: XAG/USD posts modest gains but faces headwinds
Technicals are just as they were yesterday – everything that I wrote yesterday remains up-to-date. I'd like to update you on the WHY behind the recent price moves.
Silver continues to see a bit of sideways action, as we are looking to see whether or not we are going to bounce back.
Silver price today: Silver rises, according to FXStreet data
Silver Price Forecast: XAG/USD weakens to $66.50, bears retain control below 100-day SMA
Silver remains under pressure below key averages but is testing support near $61, where a potential reversal may develop if buyers confirm strength above resistance.
This is likely the beginning of the 2008-all-over-again scenario that I've been warning about for months – perhaps in an even more brutal way.
Downside risks are easing across risk assets including bitcoin, and precious metals including silver, as the Middle East conflict enters its fourth week. Trump signaled progress in negotiations and a five-day postponement of strikes on Iranian power plants.
Silver rebounds from year-to-date lows but bearish outlook remains intact