Silver price (XAG/USD) managed to shift auction above the crucial resistance of $23.00 in the late European session. The white metal remains firm as t
Silver price seems stable above $23.00 as safe-haven demand remains intact. The market mood remains downbeat as Israel plans to destroy Hamas's military in Gaza. Fed Bostic said a slowdown is coming but the economy won’t see a recession. he deteriorating situation in Gaza due to deepening conflicts between the Israeli army and Palestine’s military group has strengthened the appeal for safe-haven assets.
He forecasted that the Fed would cut interest rates in late 2024. Silver technical analysis Silver price trades in a Rising Channel chart pattern on an hourly scale in which each pullback is considered a buying opportunity by the market participants. The 50-period Exponential Moving Average at around $23.00 continues to provide support to the Silver price bulls. Horizontal resistance is plotted from September 29 high at $23.56. The Relative Strength Index shifts into the 40.00-60.
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