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4 Jun 2024

Silver Price Forecast: XAG/USD depreciates to $30.50 due to improved US yields

  • The non-yielding Silver loses ground as US Treasury yields edge higher.
  • Silver prices could strengthen as the Fed is expected to deliver at least a 25 basis-point rate cut in 2024.
  • The safe-haven demand for Silver diminishes by easing tensions in the Middle East.

Silver price retraces its recent gains, trading around $30.50 per troy ounce during the Asian session on Tuesday. The upward correction in the US Treasury yields dampened the demand for non-yielding assets like Silver.

However, Silver price could limit its losses due to growing expectations of interest rate cuts by the Federal Reserve (Fed) in 2024. This sentiment is reinforced by the unexpected drop in the ISM Manufacturing PMI to 48.7 in May, down from April's reading of 49.2 and below the forecast of 49.6. The US manufacturing sector experiencing its second consecutive month of contraction, marking the 18th in the last 19 months.

Traders increasingly bet on the possibility of rate cuts by the US Federal Reserve (Fed) this year. According to the CME FedWatch Tool, there is nearly a 60% probability of the Fed lowering the policy rate by at least 25 basis points in September.

The safe-haven appeal of Silver has been affected by the easing tensions in the Israel-Hamas conflict in the Middle East. As reported by Reuters on Monday, the US is seeking support from the United Nations Security Council for President Joe Biden's proposal to halt the fighting between Israel and Palestinian militants Hamas in the Gaza Strip. Israeli Prime Minister Benjamin Netanyahu's administration reluctantly accepted President Biden's cease-fire proposal for Gaza on Sunday.

XAG/USD

Overview
Today last price 30.54
Today Daily Change -0.19
Today Daily Change % -0.62
Today daily open 30.73
 
Trends
Daily SMA20 30.09
Daily SMA50 28.26
Daily SMA100 25.77
Daily SMA200 24.52
 
Levels
Previous Daily High 30.81
Previous Daily Low 29.78
Previous Weekly High 32.3
Previous Weekly Low 30.19
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 30.42
Daily Fibonacci 61.8% 30.17
Daily Pivot Point S1 30.07
Daily Pivot Point S2 29.41
Daily Pivot Point S3 29.04
Daily Pivot Point R1 31.1
Daily Pivot Point R2 31.47
Daily Pivot Point R3 32.13

 

 

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