XAG/USD climbs to $59.13 on softer USD, though downside momentum persists amid broader bearish trends and Fed policy uncertainty.
Silver (XAG/USD) recovered to $59.13 on Thursday, erasing earlier losses as the US Dollar retreated following the Federal Reserve’s latest minutes. The metal had fallen to $57.22 on Wednesday but found support as investors parsed the Fed’s mixed signals on future rate hikes, with a divided committee fueling speculation over timing.
The broader trend remains bearish, with XAG/USD down over $3 this week and nearly 35% lower over the past two months. Key resistance sits at $62.50, while support levels are seen at $55.60-$55.70 and $51.40, the latter marking a Fibonacci retracement.
Geopolitical tensions between Iran and the US added modest support, though comments from President Trump suggesting potential negotiations eased some risk premium. Technical indicators, including a negative MACD, signal lingering downside pressure despite the short-term rebound.