Silver prices to maintain bullish trend despite pause on Tuesday
Silver prices fell on Tuesday after reaching a multi-month high in the previous session. The decline was prompted by cautious comments from U.S. Federal Reserve officials and profit-taking by investors, reported fxempire.
The market is now focused on the upcoming Federal Reserve meeting minutes for further direction.
Despite today’s mild decline, the long-term outlook for silver remains strong due to ongoing geopolitical and financial uncertainties, according to the report.
Market sentiment has shifted, with traders now anticipating the first Fed rate cut in September rather than June, indicating the Fed’s cautious approach.
Traders should closely watch upcoming economic indicators and Fed statements for further insights into the timing of potential policy changes.
XAG/USD is edging lower on Tuesday after reaching an over 11-month high in the previous session. If today's inside move holds, it will signal investor indecision and potential upcoming volatility, the report said.
The key level to surpass is yesterday’s high at $32.52, which would also position it above the January 2013 main top at $32.48. The daily chart suggests the market has further upward potential, with the next target at $34.35.
On the downside, the nearest support level is the uptrending 50-day moving average at $27.15, which is currently guiding the intermediate trend.
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