Forex News
- Silver slides as the stronger US Dollar weighs on precious metals.
- The daily chart shows XAG/USD holding inside its range since mid-August, with the 100-day SMA capping the upside.
- 4-hour momentum turns weaker as Silver tests the 50-period SMA.
Silver (XAG/USD) slides nearly 3% on Wednesday as the hawkish Federal Reserve (Fed) outlook pushes the US Dollar (USD) to a two-month high and weighs on non-yielding metals. Gold (XAU/USD) is also down more than 1%. At the time of writing, XAG/USD trades around $65.
Despite the fundamental headwinds, the white metal remains within the range it has held since mid-August. Momentum indicators on the daily chart show neither buyers nor sellers in clear control, while the 100-day Simple Moving Average (SMA) near $66 continues to cap the upside.
The Relative Strength Index (RSI) is hovering near the 50 line and the Moving Average Convergence Divergence (MACD) is just below zero, which suggests a lack of directional conviction despite the underlying support from the 50-day SMA at $63.
The subdued Average Directional Index (ADX) near 12 hints that any break of these nearby support or resistance levels would be needed to re-energize trend conditions and define a clearer directional bias.
On the upside, a break above the 100-day SMA at $66 would bring the top of the recent range near $70 into view, followed by the 200-day SMA at $73. On the downside, the 50-day SMA at $63 sits close to the range floor. A break below it would expose $60, then $55.
The daily chart still shows Silver trading within its range, but the 4-hour chart tells a weaker short-term story. XAG/USD has pulled back from $67.50 and is now testing the 50-period SMA near $65, after slipping below the 100-period SMA at $65.35 and the 200-period SMA at $66.
The Relative Strength Index (RSI) is around 45 and an expanding negative Moving Average Convergence Divergence (MACD) histogram points to growing selling pressure. For buyers, the first step is to reclaim the 100-period SMA at $65.35 followed by the 200-period SMA at $66. Above that, Silver faces barriers at $67.50 and $70.50.If Silver loses the 50-period SMA, $63 is the next level to watch. A break below that area would also take the metal out of its recent range and bring $60 into focus.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Brown Brothers Harriman’s (BBH) Elias Haddad notes the Dollar is extending gains as US economic data and policy dynamics remain supportive. September US PMI is expected to confirm US growth leadership versus Eurozone, UK and Japan. A scheduled US Treasury buyback in the 20–30-year sector may steady long yields, though sustained relief depends on lower Oil prices.
Dollar extends gains on US outperformance
"USD continues to grind higher against all major currencies in line with widening interest rate differentials. While tightening by other major central banks limits policy divergence with the Fed, US economic outperformance should keep the dollar supported. Today’s September S&P Global PMI readings will likely show the US maintaining its growth edge over the Eurozone, UK, and Japan."
"The US Treasury liquidity support buyback operation in the 20-to-30-year sector is scheduled today. The bond market backdrop is somewhat calmer now than at the September 9 operation, when a $6bn Treasury buyback in the 10-to-20-year sector failed to stop yields rising. Today’s buyback may further steady the long end of the curve, but lasting relief will require oil prices to pullback further."
"Brent crude oil prices firmed up after dropping the past five days but are holding just under $100 a barrel. Restoration of flows from Saudi Arabia's East-West pipeline and US-Iran diplomacy hope are keeping energy prices in check. US President Donald Trump said that envoys Steve Witkoff and Jared Kushner had “a very good meeting” with members of the Iranian delegation."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann see USD/CHF stuck in tight ranges across timeframes. Intraday, they expect the US Dollar (USD) to hold between 0.8185 and 0.8230 as prior downside momentum has faded. Over 1–3 weeks, their view remains for consolidation between 0.8155 and 0.8255, while over 1–3 months they still see scope for a rebound but not a retest of the July peak.
Dollar seen consolidating in defined bands
"24-HOUR VIEW: Following Monday’s price action, we indicated yesterday that “the slight increase in downward momentum suggests USD is likely to trade with a downside bias toward 0.8190.” We also indicated that “the next support at 0.8155 is not expected to come under threat.” We were not wrong, as USD dipped to 0.8181, rebounding to close little changed at 0.8205 (-0.05%). The downside bias has faded, and today, we expect USD to trade in a range, most likely between 0.8185 and 0.8230."
"1-3 WEEKS VIEW: After holding a positive USD view since early last week, we highlighted (18 Sep, spot at 0.8210) that “upward momentum has largely ended.” We indicated that “for the time being, USD is likely to trade between 0.8155 and 0.8255.” Our view remains unchanged."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- The US Dollar rises further to near 100.90 on hawkish Fed narrative.
- Fed officials warn that energy shocks and strong demand are both fuelling inflation.
- Investors keenly await flash US S&P Global PMI data for September.
The US Dollar trades higher as financial markets embrace hawkish Federal Reserve (Fed) view. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.35% higher to near 100.90, the highest level seen in over seven weeks.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.37% | 0.51% | 0.33% | 0.17% | 0.71% | 0.65% | 0.23% | |
| EUR | -0.37% | 0.13% | -0.04% | -0.18% | 0.34% | 0.27% | -0.13% | |
| GBP | -0.51% | -0.13% | -0.15% | -0.32% | 0.21% | 0.14% | -0.19% | |
| JPY | -0.33% | 0.04% | 0.15% | -0.15% | 0.36% | 0.32% | -0.03% | |
| CAD | -0.17% | 0.18% | 0.32% | 0.15% | 0.52% | 0.47% | 0.12% | |
| AUD | -0.71% | -0.34% | -0.21% | -0.36% | -0.52% | -0.06% | -0.39% | |
| NZD | -0.65% | -0.27% | -0.14% | -0.32% | -0.47% | 0.06% | -0.35% | |
| CHF | -0.23% | 0.13% | 0.19% | 0.03% | -0.12% | 0.39% | 0.35% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
A slew of Fed officials has not ruled out the possibility of more interest rate hikes in the remainder of the year in their latest commentary as they see inflation risks to be persistent due to energy shocks and strong demand.
Fed rhetoric keeps Dollar bulls on the front foot
Brown Brothers Harriman’s Elias Haddad highlights that Fed officials are reinforcing the prospect of additional tightening, noting that “more tightening is in the pipeline.” He points out that St. Louis Fed President Alberto Musalem, a non-voter this year, cautioned that “further rate hikes may be needed to curb inflation,” while Chicago Fed President Austan Goolsbee, a 2027 voter, warned of “more aggressive and more and more front-loaded” rate hikes if demand is overheating. Haddad argues this evolving policy backdrop underpins the Fed’s hawkish stance and continues to support the US Dollar’s relative appeal versus the Euro, Pound and Yen.
Meanwhile, investors await the preliminary US private sector Purchasing Managers’ Index (PMI) data for September, which will be published at 13:45 GMT. The S&P Global PMI report is expected to show that the overall business activity expanded at a moderate pace due to a slowdown in both manufacturing and the services sector.
US Dollar Index Technical Analysis
Bias: In the daily chart, Dollar Index Spot trades at 100.90. The near-term bias is bullish as price holds above the 20-day exponential moving average (EMA) at 99.84, reinforcing a constructive pattern of higher closes.
Momentum: Momentum is strong, with the Relative Strength Index (14) hovering just below the overbought threshold at 69.52, which suggests persistent buying pressure but also warns that the rally may be prone to consolidation phases.
Support: On the downside, initial support is located at the psychological level of 100.00, followed by 20-day EMA around 99.84.
Resistance: Looking up, the asset is expected to exten the rally towards the July 28 high at 101.64.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
- EUR/GBP accelerates its recovery and nears 0.8600 amid broad-based Pound's weakness.
- UK business activity slowed in September amid higher inflationary pressures.
- In the Eurozone, Services activity improved beyond expectations while the manufacturing sector grew at a steady pace.
The Euro (EUR) accelerates its recovery against the British Pound (GBP) on Wednesday as mixed UK Purchasing Managers' Index (PMI) figures reveal that inflationary pressures have weighed heavily on business activity in September. The EUR/GBP pair hit session highs at 0.8590, drawing closer to the top of the monthly range, at the 0.8600 area.
Preliminary UK S&P Global Purchasing Managers' Index (PMI) data showed that manufacturing activity improved to 52.0 in September from 51.7 in August, against expectations of a mild slowdown to 51.6. Services activity, on the other hand, slowed down to 51.7, from 52.5 in the previous month, below the 52.0 market consensus. This has pushed the Composite Index down to 51.7 in September, from 52.5 in the previous month.
The report highlights that the rate of input price inflation accelerated for the second month running to its highest since June, and underscores survey respondents’ complaints about increased energy, fuel and raw material costs.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, affirmed that “September is seeing a worrying combination of disappointingly sluggish economic growth and intensifying inflationary pressures, with subdued business confidence and high costs meanwhile continuing to discourage hiring.”
Eurozone PMIs beat expectations in September
Eurozone data, on the other hand, has been more supportive. The Preliminary Eurozone Services PMI improved to 53.0, its highest level in 10 months, beating expectations of a 51.7 reading, while Manufacturing PMI remained steady at 52.7, in line with the market consensus.
In Germany, the services sector’s activity improved to 52.9 after five months of contraction, also beating expectations of a 50.0 reading. Manufacturing activity, on the other hand, slowed down to 53.8, from 54.3, although still at levels consistent with solid business activity.
The Euro, however, is facing pressure from growing uncertainty in Germany, following the disastrous results of the ruling CDU party in state elections this week, which have put Chancellor Frederich Merz’s leadership into question. Beyond that, France’s public debt has reached its highest levels since 1978 and is expected to keep growing in the coming months amid the spiralling borrowing costs, which threaten to unleash a credit crisis.
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Kit Juckes at Societe Generale argues that Swedish Krona (SEK) is poised to benefit from Sweden’s superior growth outlook and expected Riksbank tightening. While inflation keeps Swedish rates subdued for now, he believes it is only a matter of time before the FX picture changes, with Sweden forecast to grow 2.2% in both 2026 and 2027, outpacing Norway and Switzerland.
Swedish Krona backed by robust growth
"The SEK is the currency most likely to benefit from the decisions of the Riksbank, SNB and Norges Bank. The market prices only a remote chance of a Riksbank move tomorrow, but a 90% probability of a hike in November and a second hike in the first quarter of next year."
"Consensus GDP growth forecasts for 2026 are 2.2% for Sweden, well ahead of the rest of Europe. Switzerland, with consensus growth of 1.3% next year, is the next best performer, followed by the UK at 1.2%, Norway at 1.0% and the Eurozone at 0.9%. "
"Of course, the interest rate outlook matters more than the growth outlook, and Swedish rates remain subdued because of weak inflation. However, it is only a matter of time before the FX picture changes."
"The consensus GDP growth forecast for Sweden in 2027 is also 2.2%, while the next-best European G10 economies, Norway and Switzerland, are expected to grow by just 1.4%."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
ING strategists Ewa Manthey and Warren Patterson note that Brent and WTI have sold off sharply as expectations of higher Saudi crude exports, progress in US-Iran talks and a surprise US inventory build ease Middle East supply concerns. Brent has fallen for six straight sessions, while US natural gas prices rise on lower production and cooler weather forecasts.
Saudi flows and inventories pressure crude
"Oil prices fell sharply on Wednesday, with Brent dropping below $99/bbl and WTI trading near $89/bbl. The sell-off was driven by expectations of rising Saudi crude exports, diplomatic progress between the US and Iran, and a larger-than-expected build in US crude inventories, all of which helped ease concerns over Middle East supply disruptions. Brent has now declined for six consecutive sessions, its longest losing streak since August 2025, bringing cumulative losses to more than 9.5%."
"Saudi Arabia has restarted operations at its East-West pipeline and could soon resume exports from the Yanbu terminal. The route, which bypasses the Strait of Hormuz, has a capacity of around 7m b/d and is expected to gradually restore lost export flows, potentially increasing global crude supplies in the coming weeks."
"On the geopolitical front, President Donald Trump described recent discussions with Iranian officials as "very productive", raising hopes for further diplomatic progress and reducing fears of prolonged supply disruptions in the region. Despite the recent correction, oil prices remain more than 60% higher year-to-date."
"Additional pressure came from the latest API data, which showed US crude inventories rose by 1.7m barrels last week, compared with expectations of a 578k-barrel draw. Meanwhile, gasoline and distillate stocks each fell by 2.2m barrels. The market will now look to the EIA inventory report later today for confirmation."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
- The Indian Rupee drops against the US Dollar after rising significantly in the last two trading days.
- The Fed is almost certain to deliver at least one more interest rate hike this year.
- US President Trump sees deal with Iran after midterm elections.
The Indian Rupee (INR) trades lower against the US Dollar (USD) on Wednesday after rising in the past few trading days. The USD/INR pair is marginally up to near 95.75 as the US Dollar outperforms amid firm expectations that the Federal Reserve (Fed) will extend its monetary tightening cycle for the remainder of the year.
As of writing, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.25% higher to near 100.80, the highest level seen in over seven weeks.
The CME FedWatch tool shows traders see an almost 90% chance that the Fed will deliver at least one more interest rate hike this year.
What’s driving hawkish Fed expectations
Analysts at MUFG note that these rate expectations “were supported by hawkish comments from regional Fed presidents although neither are voting members this year.” In particular, Chicago Fed President Austan Goolsbee, who “will become a voting member again from next year,” cautioned that “supply shocks have come more frequently, hit harder and lasted longer and once supply shocks to inflation become persistent, some of the logic behind ‘looking through’ no longer holds,” reinforcing the case for an extended period of tighter Fed policy.
On Tuesday, Richmond Fed Bank President Thomas Barkin, who is also currently a non-voting member, said that more interest rate hikes will be required to tame inflation. However, he didn’t provide any specific guidance regarding how much higher interest rates could go. "Will additional hikes be required, and how many? We'll see," Barkin said, Reuters reported.
Oil prices extend the decline
Oil prices continue to remain under pressure on hopes of diplomacy between the United States (US) and Iran, a scenario that will ease energy supply disruption through the Middle East. The optimism over US-Iran diplomacy boosted after a report from Kyodo News showed that a senior Iranian official confirmed Tehran sending proposal to the US via mediators, which states that Iran would reopen the Hormuz Strait within seven days in return of Washington’s military de-escalation near their seaports.
In the opening session, the MCX Crude Oil contract expiring on October 19 is down 1.43% to near Rs. 8,520, the lowest level seen in two weeks.
Lower oil prices bode well for currencies from economies, such as India, which rely heavily on oil imports to meet their energy needs.
In a speech at United Nations (US) General Assembly on Tuesday, US President Donald Trump said that either Washington will make a deal or will drive the nation to hell. “I have a big decision to make on whether to make a deal or drive Iran into hell with no chance of survival and no hope of future greatness or generations.” Trump said. He reiterated stress that Iran will never have a nuclear weapon and the deal with the nation will be made right after midterm elections.
India's preliminary HSBC PMI remains stronger in Steptember
India's flash HSBC Composite Purchasing Manager's Index (PMI) data for September has come in stronger. The Composite PMI jumped to 56.5 from 54.3 in September due to robust manufacturing and service sector activity. “Activity in the private sector gained momentum, led by stronger manufacturing. Output and new domestic orders rose at faster rates,” said Pranjul Bhandari, chief India economist at HSBC. She added that renewed tensions in the Middle East had prompted firms to build buffers to manage uncertainties, while price pressures strengthened among manufacturers.
USD/INR Technical Analysis
In the daily chart, USD/INR trades at 95.75, holding a mild bullish bias as spot remains above the 20-period exponential moving average (EMA) at 95.54. The positioning over this short-term EMA suggests underlying demand, while the Relative Strength Index (RSI) at 56 stays just above the neutral 50 line, hinting at steady rather than aggressive upside momentum.
On the downside, immediate support is seen at the 20-period EMA near 95.54, which reinforces the current floor under prices. Looking up, the September 17 high near 96.10 is the critical hurdle; above that, the pair might aim to revisit the all-time high near 97.10.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
- Silver falls 2.80% on Wednesday and retreats further from the $68.00 area.
- The US Dollar remains supported by expectations of further interest rate hikes from the Fed.
- US-Iran negotiations partially reduce demand for safe-haven assets.
Silver (XAG/USD) extends its decline on Wednesday, trading around $65.20 at the time of writing, down 2.80% on the day. The white metal retreats further from the $68.00 area as a stronger US Dollar (USD) and a hawkish repricing of the US interest rate outlook weigh on precious metals.
The Federal Reserve (Fed) remains the main headwind for Silver. The US central bank raised its benchmark interest rate by 25 basis points at its September meeting, bringing the target range to 3.75%-4%, and signaled that another rate hike could come before the end of the year.
Several Fed officials have also maintained a hawkish tone. St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee have supported the possibility of further monetary tightening amid persistent inflation risks. Boston Fed President Susan Collins and Richmond Fed President Tom Barkin have also left the door open to additional rate hikes.
Markets are now pricing in a nearly 90% chance of another rate hike in December, according to the CME FedWatch tool. The prospect of US interest rates remaining higher for longer supports the Greenback and increases the opportunity cost of holding non-yielding assets such as Silver.
Investors now await the release of preliminary US Purchasing Managers Index (PMI) data on Wednesday. Figures pointing to resilient economic activity could reinforce the Fed's hawkish outlook and provide additional support to the US Dollar.
Meanwhile, geopolitical developments in the Middle East are providing less support to precious metals. On the sidelines of the United Nations General Assembly (UNGA), US Special Envoy Steve Witkoff reported lengthy indirect discussions between the United States (US) and Iran, while US President Donald Trump described talks with Iranian representatives as very productive.
Tehran, for its part, indicated that it could reopen the Strait of Hormuz under certain conditions, including an easing of US military pressure and the blockade of Iranian ports. Signs of diplomatic progress are helping reduce some of the geopolitical risk premium that had previously supported demand for safe-haven assets.
Tensions, however, remain far from fully resolved as negotiations between Washington and Tehran continue and new US sanctions targeting Iranian aviation come into force on Wednesday. Diplomatic meetings surrounding the United Nations General Assembly therefore remain closely watched by markets.
XAG/USD technical analysis
In the one-hour chart, XAG/USD trades at $65.22, maintaining a mildly bearish near-term bias as it holds below the 100-period simple moving average (SMA) at $66.01 and the nearby horizontal barrier at $65.80. The 200-period SMA at $64.88 sits beneath the price and offers underlying trend support, but the metal appears capped by the overhead averages. The Relative Strength Index (14) around 34 suggests momentum is leaning toward the downside, reinforcing the risk of further corrective pressure while the price remains constrained under the 100-period SMA.
On the topside, initial resistance is seen at $65.80, followed by the 100-period SMA at $66.01, with higher hurdles at $67.55 and $68.30, where prior horizontal levels could attract renewed selling. On the downside, immediate support emerges at $65.07, ahead of the 200-period SMA at $64.88 and the lower horizontal floor near $64.56, where buyers may attempt to stabilize the decline if bearish sentiment extends.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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