Silver Price Prediction: Lost 30% in Days and the Fed Just Killed the Recovery Case — Is $65 the Last Line of Defense?
Silver value is hanging on by a thread fueling bearish value prediction.
XAG/USD is buying and selling at $71.69, up 1.85% in 24 hours, however the restoration seems shaky. Price revisited lows close to $64.00 earlier this week earlier than bouncing. The technical construction has not improved a lot since.
The macro backdrop is just not serving to. DXY is sitting close to 99.32 with the Fed ruling out fee cuts till inflation cooperates.
The ECB and BoE are singing the identical tune. Non-yielding property like silver don’t thrive in that atmosphere.
The current volatility was brutal. Silver ran to $80.17 on March 18 then collapsed to $65.81 inside days. Geopolitical stress in the Middle East is placing a flooring beneath value for now. But the chart nonetheless belongs to the bears.
Silver Price Prediction: Can XAG Price Survive the Rejection at $81.00?
Silver’s bounce is just not convincing anybody but.
Price is caught under key resistance after a brutal week. The 7-day change sits at -8.84% and the broader downtrend from the mid-March highs above $80 continues to be intact.
A bearish engulfing candle fashioned earlier this week and that sample continues to be calling the photographs.
Resistance sits at $80.50. Bulls have to reclaim that stage or the subsequent stops are $70 and $67.10. Lose $65.05 and the restoration thesis is lifeless, with sub-$55.05 coming into view.
To flip the narrative solely, value must push above $85.10 and maintain.
RSI is bouncing off oversold territory however the 2-hour chart is printing a U-pattern consolidation. That is just not a reversal sign. It seems extra like a lifeless cat bounce till value proves in any other case.
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