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Silver Price Forecast: Rebound Falters, Leaving $57 at Risk
- From a high of $58.18, XAG/USD pulls back as buyers fail to secure higher highs.
- Directional momentum eases as RSI levels off while remaining bearish.
- A fall through $56.38 would bring $55.00 into view, with $50.00 potentially to follow.
A daily high of $58.18 gave way to a retreat below $58.00 for Silver, as rising US Treasury yields supported a stronger US Dollar. XAG/USD is trading 0.20% lower at $57.87 per troy ounce.
XAG/USD Price Forecast: Downtrend persists
Silver’s drop below $60.00 has reinforced the downward trend. Despite advancing on two of the past three days this week, XAG/USD has been unable to set a higher high, suggesting that buyers are running out of momentum as sellers step in.
Although the Relative Strength Index (RSI) remains bearish, it has levelled off. The momentum reading therefore indicates that neither side has control.
A continuation of the decline requires XAG/USD to break below the 20 October low of $56.38. Beyond that, the psychological $55.00 level is the next downside marker, ahead of the $50.00 milestone.
A bullish reversal, by contrast, requires buyers to lift Silver above $60.00. Breaking through would bring the 23 March low, now resistance at $61.01, into focus. The next hurdles would be the 100-day Simple Moving Average (SMA) at $62.56 and the 50-day SMA at $63.51.
XAG/USD Daily Price Chart
Silver: Frequently asked questions
Historically a store of value and a medium of exchange, Silver remains a widely traded precious metal among investors. While Gold is more popular, traders may choose Silver for its intrinsic value, to diversify their portfolios or as a potential hedge in periods of high inflation. Exposure can take the form of physical Silver coins or bars, or instruments such as Exchange Traded Funds that follow its price in international markets.
A broad range of forces can drive movements in Silver prices. Its safe-haven status means geopolitical instability or concern over a severe recession can lift its price, though less markedly than Gold’s. Lower interest rates also tend to support Silver because it pays no yield. With the metal quoted in dollars (XAG/USD), the behaviour of the US Dollar (USD) is another influence: dollar strength generally restrains Silver prices, while weakness is likely to lift them. Investment demand, recycling rates and mining supply also matter, with Silver far more abundant than Gold.
With electrical conductivity among the highest of any metal, exceeding that of Copper and Gold, Silver has extensive industrial uses, notably in electronics and solar energy. Prices can rise when demand surges, whereas weaker demand tends to push them lower. Economic developments in the US, China and India can also generate price fluctuations. Large industrial sectors in the US and, in particular, China use Silver in a variety of processes, while Indian consumer demand for Silver jewellery is also an important influence on prices.
Given their similar safe-haven status, Silver generally tracks Gold and typically rises when Gold prices advance. Their relative valuations may be assessed using the Gold/Silver ratio, which measures how many ounces of Silver equal the value of one ounce of Gold. A high ratio may, in some investors’ view, signal that Silver is undervalued or Gold overvalued. Conversely, a low reading might indicate that Gold is undervalued compared with Silver.
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