SILVER (XAG) FORECAST: BULLS DEFEND SUPPORT, BUT GOLD STILL COMMANDS THE SPOTLIGHT
SILVER (XAG) FORECAST: BULLS DEFEND SUPPORT, BUT GOLD STILL COMMANDS THE SPOTLIGHT
Silver prices have recently experienced fluctuations, influenced by a combination of industrial demand concerns and the overshadowing performance of gold.
Silver prices have declined to their lowest levels in over eight weeks, primarily due to worries about weakening industrial demand amid fears of a global recession.
This decline is exacerbated by new tariffs imposed by U.S. President Donald Trump, which have intensified concerns about global economic growth.
While silver faces challenges, gold has reached record highs, benefiting from its status as a safe-haven asset amid economic uncertainties.
This divergence has led to a widening gold-silver ratio, highlighting silver's relative underperformance.
Silver is testing a key resistance zone near $31.00, with the 14-day Exponential Moving Average (EMA) providing additional resistance around $31.27.
A decisive break above this region could pave the way for further gains.
Conversely, support is identified around the psychological level of $30.00, with a break below this level potentially leading to deeper bearish sentiment.
