Silver Price Forecasts: XAG/USD drifts toward $60 as precious metals struggle - tmgm.com

AI desk brief

Silver (XAG/USD) is under pressure, trading near $60.13 after failing to hold above $62.00 and setting up a retest of the $60.00 psychological area. A break below $60.00 would expose the late July/early August lows near $56.50, while bulls need a reclaim of $62.15-$62.25 to relieve the bearish structure and reopen $65.00.

The selloff is being driven by firmer long-end US rates, with the 30-year Treasury yield above 5.70% and the 10-year back above 5.30%, alongside a stronger dollar and rising oil prices ahead of the Fed minutes and a 10-year auction. The article says the Fed’s September hike and prospects of further tightening are weighing on precious metals, even as recent softer inflation and labour data have tempered expectations for immediate follow-through hikes.