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Silver slides nearly 4% as US dollar firms and $55 eyed
Silver is trading around $57.50 and is set to test the July 8 low of $57.22, with $50.00 the next downside target if weakness continues.
Silver prices are falling for a second day of the week, dropping nearly 4% as the market stays below $60.00. FXStreet said XAG/USD was around $57.50, with the decline driven by renewed US dollar strength.
Hawkish remarks by Federal Reserve Governor Christopher Waller are weighing on silver through the Greenback, the outlet noted. According to the US Dollar Index, the DXY is up by more than 0.28%.
FXStreet also pointed to a technical breakdown risk, saying XAG/USD is near a move toward the July 8 daily low of $57.22. If that level is breached, the next focus becomes the November 13, 2025 high turned support at $54.39, followed by the $50.00 milestone.
On the upside, the piece said silver would need to clear a resistance trendline around $62.25 to $62.50 to interrupt the downtrend structure. It added that clearing the July 6 high at $63.28 would open the way to challenge $65.00, with $70.00 the next target if that resistance is surpassed.
Latest closeSilver $58.01 ▼3.0%|Dollar index 101.28 ▲0.3%