XAG/USD drops 7.9% in a single session as inflation fears spur bets on higher central bank rates, dragging prices to $76.88.
Silver prices tumbled 7.9% to $76.88 on Friday, driven by a surge in US Treasury yields as investors brace for persistent inflation and potential central bank rate hikes. The decline marks a sharp reversal from a recent high of $83.87, with sellers dominating the session.
Over the past two trading days, the white metal has fallen nearly 12% after peaking near $90.00. The Relative Strength Index (RSI) turned bearish, signaling further downside momentum. Analysts now eye the $75.00 psychological level as the next support, with a break below opening the door to $72.21 and $70.86.
To reverse the trend, buyers must reclaim $77.00, aligning with the 50-day Simple Moving Average at $76.98. Resistance levels include the 20-day SMA at $77.79 and the 100-day SMA at $80.94.