Silver (XAG/USD) prices have experienced a subtle dip as the market adjusts to broader economic uncertainties. Currently trading at $28.32 per ounce, Silver has faced resistance at $28.86, with its support at $26.30. The metal is struggling to maintain momentum despite expectations of higher volatility in precious metals markets.
Silver attempted to break above the key resistance level of $28.86 but has retreated, following a minor rally that peaked at $28.50 earlier in the session. Prices fluctuate within a range, with no clear indication of strong upward momentum.
The price action remains highly reactive to geopolitical tensions and monetary policies. A hawkish stance from the Federal Reserve could potentially weigh down further on Silver, pushing prices closer to the lower support level of $26.30. Alternatively, any dovish sentiment or geopolitical unrest could see renewed interest in safe-haven assets like Silver, potentially leading to a bounce back toward the $30 mark.
In the near term, Silver prices may continue to trade sideways as investors look for signals from global economic data. With $28.86 remaining a significant barrier, traders are advised to watch for any breakouts that could signal a more sustained move upward.
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This post was last modified on Sep 10, 2024, 10:45 BST 10:45