Silver (XAG) Daily Forecast: Nears $30.50, Downward Trendline May Drive Sell-off
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Silver (XAG/USD) is trading near $30.50 and reached an intraday high of $30.85. The rise is attributed to a weaker US dollar following disappointing economic data, reinforcing expectations of a Federal Reserve easing program. Market concerns about the US economy supported higher silver prices amid risk-off sentiment. The weakening US dollar and potential Fed rate cuts amid mixed economic data could support silver prices by lowering the dollar’s value and signaling economic uncertainty, bolstering safe-haven demand for precious metals. Silver (XAG/USD) is likely to remain bullish, supported by a weaker US dollar and economic uncertainty. Prices may hover around $30.85, with potential upward momentum if economic conditions persist.
#Silver #Xag/usd #UsDollar #FederalReserve #EconomicData #SafehavenDemand #PreciousMetals
https://www.fxempire.com/forecasts/article/silver-xag-daily-forecast-nears-30-50-downward-trendline-may-drive-sell-off-1440118
FX Empire /
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2024-06-21 08:14:30
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wss://relay.damus.ioPublished at
2024-06-21 08:14:30Event JSON
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"content": "Silver (XAG) Daily Forecast: Nears $30.50, Downward Trendline May Drive Sell-off\n==========\n\nSilver (XAG/USD) is trading near $30.50 and reached an intraday high of $30.85. The rise is attributed to a weaker US dollar following disappointing economic data, reinforcing expectations of a Federal Reserve easing program. Market concerns about the US economy supported higher silver prices amid risk-off sentiment. The weakening US dollar and potential Fed rate cuts amid mixed economic data could support silver prices by lowering the dollar’s value and signaling economic uncertainty, bolstering safe-haven demand for precious metals. Silver (XAG/USD) is likely to remain bullish, supported by a weaker US dollar and economic uncertainty. Prices may hover around $30.85, with potential upward momentum if economic conditions persist.\n\n#Silver #Xag/usd #UsDollar #FederalReserve #EconomicData #SafehavenDemand #PreciousMetals\n\nhttps://www.fxempire.com/forecasts/article/silver-xag-daily-forecast-nears-30-50-downward-trendline-may-drive-sell-off-1440118",
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