XAG/USD rises to $60.30 on softer USD and lower Treasury yields but remains trapped in a downward channel below key moving averages.
Silver (XAG/USD) climbed 3.38% to $60.30 on Thursday, breaking a three-day losing streak as a weaker US Dollar (USD) and a pullback in US Treasury yields provided support. The metal remains nearly 50% below its January record high of $121 amid persistent macroeconomic pressures.
The bearish trend continues, with XAG/USD trading below its 200-day Simple Moving Average ($70.25) and 100-day SMA ($74.32). Technical analysis shows the pair holding within a downward parallel channel, struggling to breach the channel top at $63.50.
Hawkish Federal Reserve expectations and geopolitical tensions in the Middle East are capping gains, as higher borrowing costs reduce demand for non-yielding assets. The US Dollar Index (DXY) remains near 100.94, limiting downside pressure on the Greenback.