Silver Price Forecast: XAG breaks channel support, bears eye $73.00
Silver continues to struggle on Wednesday, as traders are looking to the interest rate market for clues, and a sign where risk appetite is going. Silver remains very sensitive to rates, and headline from the Middle East.
Silver price today: Silver falls, according to FXStreet data
Gold and silver remain under pressure as Fed signals, PCE inflation data, and U.S.-Iran tensions keep traders focused on key support levels.
Silver Price Forecast: XAG/USD holds losses below $77.00 due to renewed US-Iran tensions
Silver continues to be very noisy on Tuesday as Middle East headlines confuse traders as to what they should be involved in. At this point, silver is a very dangerous place to trade, so position sizing will be crucial.
Silver prices face a key test as hot PCE inflation data could delay Fed cuts and keep XAG trapped below resistance this week.
Silver Price Forecast: XAG/USD falls to near $76.50 on US-Iran peace uncertainty
Silver finds itself pulling back towards a support zone comprising former resistance at $77 and the uptrend dating back to the lows struck on May 20 on the H4 timeframe, creating a potentially interesting entry point for longs considering the broader structure the price trades within resembles something akin to an ascending triangle and channel cross.
Silver remains trapped near critical support as traders watch for either a bearish breakdown below key levels or a renewed bullish recovery above resistance.
Silver has rallied during the thin Monday session, as most traders are focused on the holiday.
Silver price today: Silver rises, according to FXStreet data