Silver Price Forecast: XAG/USD Experiences Significant Slump Near $30.50
Monday, 23 September 2024, 01:19
Current Trends Impacting Silver Prices
Silver, trading as XAG/USD, faces downward pressure as it experiences a significant drop to nearly $30.50. This trend is largely driven by recent Fed policies and the strength of the US Dollar.
The Role of the Fed
- The Federal Reserve's recent actions have led to increased volatility in silver markets.
- Analysts note that anticipated interest rate hikes contribute to a stronger US Dollar.
PMI and Its Effect
- The latest PMI report indicated a slower expansion within the service sector.
- This data often shifts market sentiment, further affecting XAG/USD.
Support and Resistance Levels
Silver appears to be testing critical support and resistance levels, which could define its trajectory in the upcoming weeks. Investors should monitor these levels closely to gauge potential rebounds or further declines in silver prices.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.