Silver Extends Decline in Mid-US Session as Dollar Strengthens
Silver (XAG/USD) prices traded sharply lower in thin pre-New Year volume conditions on Monday. The white metal was under pressure overall as the US Dollar (USD) outlook remained firm on expectations that a moderate policy easing cycle by the Federal Reserve (Fed) in 2025 would keep US Treasury yields elevated.
The 10-year US Treasury yield fell 0.5% in the European session on Monday but is still almost 15% higher this calendar year near 4.60%.
The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, edged lower but remained broadly sideways around 108.00.
Market speculation that the Fed will follow a slower rate-cutting path next year stems from the central bank’s latest dot chart, which showed that policymakers collectively see the Federal Funds rate heading towards 3.9% by the end of 2025.
RECOMMENDATION
- Buy if the price moves to around $29,097
- Sell if the price moves to around $28,797
Resistance Level 2: $29,462
Resistance Level 1: $29,272
Support Level 1: $28,622
Support Level 2: $28,432
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to developments in fundamental and technical aspects in transactions before making investment decisions.
Source: Newsmaker.id
