Silver Price Forecast: XAG/USD (Silver) prices are softly back on Monday in a relief pullback from Friday’s peak into $22.82. While bullish momentum saw a boost for spot Silver on the back of an escalation of the Israel-Hamas conflict last week, Silver’s deep bear rout from August’s peaks at the $25.00 handle are constraining metal bulls.
- Silver prices are seeing a minor pullback for Monday, after Friday’s peak into $22.82 failed to spark an extended rally.
- XAG/USD is seeing softening bids at the descending trendline from $25.00.
- Spot Silver prices are tracking the US Dollar closely, traders will be looking for a pattern breakdown.
Silver has seen a firm rebound in October, climbing over 9% from a low of $20.68 at the beginning of the month, but things still remain bearish for the XAG/USD, and October’s bottom bids still represent a seven-month low for Silver.
Silver bulls are going to need a solid firming-up of broader market sentiment before the XAG/USD can lift back into 2023’s median prices.
XAG/USD Technical Outlook
Silver’s Friday peak saw XAG/USD bids ping off a descending trendline drawn from August’s peak at the $25.00 major handle, marking in a potential swing high at $22.82 if bearish action sees a continuation.
On the top side, the 50-day Simple Moving Average (SMA) is capping off near-term action from $22.90, and has confirmed a bearish crossover of the 200-day SMA, currently parked just north of $23.25.
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Gold futures fall on low demand – New Delhi, Oct 16 (PTI) Gold prices on Monday fell Rs 393 to Rs 59,015 per 10 grams in futures trade as speculators reduced their positions.
On the Multi Commodity Exchange, gold contracts for December delivery traded lower by Rs 393 or 0.66 per cent at Rs 59,015 per 10 grams in a business turnover of 13,848 lots.
Analysts attributed the fall in gold prices to the trimming of positions by participants.
Globally, gold was trading 0.83 per cent lower at USD 1,925.40 per ounce in New York.