Gold and silver rebounded as U.S. dollar weakness, softer oil prices, and improving hopes of U.S.-Iran peace supported precious metals.
Silver Price Forecast: XAG/USD rises above $75.00 as Middle East tensions ease
On April 16, the Chairman of the US Commodity Futures Trading Commission publicly endorsed legislation that would break up the geographic concentration of silver depositories approved for COMEX delivery.
Silver continues to consolidate at the moment, as the interest rate market continues to see a lot of movement, causing a bit of chaos. Silver continues to be a tough place to make money at the moment.
Silver prices bounce after selloff, but strong dollar, rising yields, and oil-driven inflation keep pressure on the silver market outlook and price prediction.
Silver price today: Silver rises, according to FXStreet data
Silver Price Forecast: XAG/USD slumps below $73.00 under 100-day EMA as downside pressure persists
Although this is the third week of the ceasefire, many now doubt it will hold. In the last 24 hours, Iran reportedly attacked several merchant ships and tankers in the Strait of Hormuz; The conflict has also widened, with direct attacks on the United Arab Emirates and major incidents in Abu Dhabi and Dubai.
Gold and silver prices are turning lower after bearish reversal patterns emerged across both metals, with fading safe-haven demand and a firmer US dollar weighing on prices. Gold's failed breakout above 4900 has shifted focus towards key support levels, while silver is showing similar technical weakness.
Silver's bearish wedge breakdown continues to drive downside risk, with key Fibonacci levels and the 200-day moving average shaping potential support zones ahead.
XAU/USD, XAG/USD Outlook: Precious metals decline amid escalating Middle East tensions and surging inflation worries. As gold and silver break lower, traders continue to question their role as safe havens in a tense environment.
Silver continues to move on rates, as the markets are looking at the possibility of energy inflation keeping central banks tighter for longer, something that is toxic for silver in general.