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Silver slides after hawkish Fed bets push XAG/USD toward support
XAG/USD was last around $64.6 after trading as high as $67.5, with the 50-day SMA near $63.5 and $60.0 flagged as next downside levels.
Silver prices fell more than 3% on Wednesday as investors increased expectations for a more hawkish Federal Reserve, turning last week’s rate hike into a broader view of additional tightening. FXStreet said XAG/USD was trading near $64.59 after a session high of $67.52.
The report noted that a previously identified head and shoulders chart pattern was negated, and that the metal could consolidate in a near-term $63.45 to $67.50 range. It highlighted nearby resistance levels including the 100-day Simple Moving Average at $66.20 and $67.00, while supports include the 50-day SMA at $63.45 and the $64.00 area.
FXStreet also pointed to bearish momentum, citing an RSI below neutral and declining sharply. It warned that a move through the $64.00 support could expose $63.45 and then the September 16 low at $62.30, with further downside levels at $61.01 and $60.00.
On the upside, the first resistance was listed as the September 22 high near $67.55, with a decisive breakout potentially taking XAG/USD toward $70.00 before the August 28 swing high at $71.12.
Latest closeSilver $59.48 ▼0.7%