Silver (XAG) Daily Forecast: $27.70 as U.S. GDP Grows 2.1%, Awaiting Fed’s Move
==========
Silver (XAG/USD) is currently experiencing a downturn, trading around $27.71, reflecting broader market trends. Recent data revealed a robust U.S. GDP growth rate of 2.1% for the second quarter, surpassing expectations and signaling a strong economic outlook. This could diminish the appeal of silver as a safe haven. The upcoming Federal Reserve meeting is expected to maintain the status quo on interest rates but may hint at a possible rate cut in September, which typically benefits precious metals like silver. Geopolitical uncertainties, such as the U.S. presidential election, could drive investors towards silver for its safe-haven properties. In the short term, silver faces downward pressure, with support levels at $27.42, $26.96, and $26.54. The 50-day EMA is at $29.24, indicating a bearish trend. The outlook remains bearish below $28.06.
#Silver #Xag/usd #UsGdp #FederalReserve #InterestRates #SafeHaven #GeopoliticalUncertainties #ShorttermForecast #TechnicalOutlook
https://www.fxempire.com/forecasts/article/silver-xag-daily-forecast-27-70-as-u-s-gdp-grows-2-1-awaiting-feds-move-1448892
FX Empire /
npub1lj…9zjdc
2024-07-26 06:24:41
Author Public Key
npub1ljmz9hjq6kkwm5ltqfc6dpw9ytalhtnf7sgp4r75dqvtsq2wz9sqp9zjdcSeen on
wss://relay.damus.ioPublished at
2024-07-26 06:24:41Event JSON
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"content": "Silver (XAG) Daily Forecast: $27.70 as U.S. GDP Grows 2.1%, Awaiting Fed’s Move\n==========\n\nSilver (XAG/USD) is currently experiencing a downturn, trading around $27.71, reflecting broader market trends. Recent data revealed a robust U.S. GDP growth rate of 2.1% for the second quarter, surpassing expectations and signaling a strong economic outlook. This could diminish the appeal of silver as a safe haven. The upcoming Federal Reserve meeting is expected to maintain the status quo on interest rates but may hint at a possible rate cut in September, which typically benefits precious metals like silver. Geopolitical uncertainties, such as the U.S. presidential election, could drive investors towards silver for its safe-haven properties. In the short term, silver faces downward pressure, with support levels at $27.42, $26.96, and $26.54. The 50-day EMA is at $29.24, indicating a bearish trend. The outlook remains bearish below $28.06.\n\n#Silver #Xag/usd #UsGdp #FederalReserve #InterestRates #SafeHaven #GeopoliticalUncertainties #ShorttermForecast #TechnicalOutlook\n\nhttps://www.fxempire.com/forecasts/article/silver-xag-daily-forecast-27-70-as-u-s-gdp-grows-2-1-awaiting-feds-move-1448892",
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