Silver Price Forecast: XAG/USD breaks below $25.50 amid a strong greenback By christianborjon Silver XAGUSD Macroeconomics Technical Analysis Sentiment
The market mood is mixed while a stronger US Dollar weighs on XAG/USD.
XAG/USD Price Forecast: In the long term is upward biased, but once the $25.40 support was broken, it opened the door for further losses.pattern meaning “indecision” amongst traders. However, Monday’s price action showed that XAG bears prevailed of late. At the time of writing, XAG/USD is trading at $25.08.Factors like the Covid-19 outbreak in China, and the Russia – Ukraine conflict, weigh on the market mood.
Aside from this, in the precious metals space, gold also lost some of its brightness, down close to 1%, sitting at $1938.94 a troy ounce.featured the US Goods Trade Balance for February, which came at $-106.59B better than the $107.57B in January’s deficit. The Dallas Fed Manufacturing for March rose by 8.7, lower than the 11 foreseen, and trailed February’s 14 figure.
That said, XAG/USD’s first support would be $25.00. Breach of the latter would expose $24.88, followed by $24.70.
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