Silver Price Forecast: Silver prices jump over 3.5% this week as US Dollar slides and hopes of a Fed rate cut grow. Will Silver hit $39 soon? Here’s the full technical analysis.
Silver Technical Analysis
Silver Price Forecast: XAG/USD Prices Drop to $35.45 Despite Middle East Tensions
Silver Price Forecast: Silver prices (XAG/USD), have dropped to around $35.45 during Thursday’s European trading session. This marks the third day in a row that silver has fallen, losing nearly 1.5% of its value. Even though silver reached a high of $36.90 earlier this week—the highest in over ten years—it’s now facing selling pressure. Surprisingly, this drop is happening despite growing tensions in the Middle East, which usually make safe-haven assets like silver more attractive.
Silver Technical Analysis: consolidation Zone $20.20-20.85
Silver Technical Analysis: Silver price is displaying a consolidation formed in a range of $20.20-20.85 after a sheer perpendicular downside on an hourly scale. The asset looks vulnerable as the 20-period Exponential Moving Average (EMA) at $20.70 is acting as a barricade for the Silver price.