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Silver slips toward $58.40 as the dollar firms
Silver is trading below its 20-day EMA near $58.91, while the U.S. Dollar Index is up about 0.2% near 100.20.
Silver prices (XAG/USD) fell nearly 1% to around $58.40 in Asian trading on Friday, with selling pressure tied to a slightly stronger U.S. dollar. FXStreet said the U.S. Dollar Index, which tracks the greenback against six major currencies, was up 0.23% near 100.20 at the time of writing.
FXStreet attributed the negative setup to the typical inverse relationship between the dollar and non-yielding assets like silver. It also noted that the Fed left interest rates unchanged on Wednesday and committed to “no forward-guidance,” which FXStreet said has made the dollar outlook more vulnerable, even as the metal remains under pressure.
The analysis further pointed to elevated oil prices linked to constrained global energy supply amid the ongoing U.S. and Iran military aggression. FXStreet said higher energy prices can lift inflation expectations, pushing central banks toward tighter monetary conditions, a backdrop it described as unfavorable for assets like silver.
On the technical side, FXStreet said XAG/USD is holding below the 20-day EMA near $58.91, with RSI around 46 in neutral territory. It listed resistance at $58.91 and $60.94, and support at $56.64 and $54.77.
Latest closeSilver $57.77 ▼1.8%|Dollar index 99.80 ▼0.2%