Notwithstanding a stronger US currency and aggressive Fed statements, silver began high at about $27.66 mark.

Silver (XAGUSD) Highlights

Following stronger US dollar and US Fed statements, Silver remains resilient, topping near $27.71 mark.
International concerns and lower confidence among consumers may limit silver pricing advances.
The robust US dollar and the US Federal Reserve’s policy position placed a bear market on silver rates.

The market Perspective

Despite a stronger US currency and aggressive Fed comments. The Silver (XAGUSD) began well at approximately $27.66 and peaked at $27.71zone. Nevertheless, the possibility of a decrease in the price of silver remains, affected by risk-factor market mood and geopolitical issues in the Arabian Peninsula. Where normally support classical secure investments such as silver. On the flip side, the strong US currency, bolstered with the Fed’s attitude, limited additional rises in silver values.

A strengthening US currency and worse buyer sentiment affects the price of silver

The stronger USD, backed by predictions that the US central bank would keep rates of interest elevated. Is putting a squeeze on silver value. – After comments from central bankers which pointed out the hard task in lowering inflation to the 2 percent goal. And comparable sees from NY’s Williams and Minneapolis’ Kashkari, sentiment in a short-term rate slice has decreased. Alongside a probability of a Sept rate cutting currently at only 55 percent.

At the same time, the University of Michigan’s (MU Consumer Confidence Indicator. That is predicted to fall from 77.2 during April to 76.0 in the month of May. Signifying a decline in confidence among consumers, that might lead to lower interest in silver. The mix of the dollar’s strength and declining consumer mood is expected to limit silver’s attraction towards buyers, which might lead to declines in costs.

Silver Daily Technical Analysis

XAGUSD is showing an increase, gaining 0.73 percent to $27.53 mark. The 50 & 200 D- EMAs are $27.18 & $27.13, each, showing that the market has substantial fundamental momentum. The present-day crucial milestone appears at $27.29 mark. Which is well aligned with both EMAs and offers solid aid. Suggesting that the present bull pattern may continue.

The main levels of resistance for metal include $27.72, $27.99, then $28.31. A breach over those levels might indicate continued higher momentum, possibly nearing or beyond $27.76. Nearby support rates have been noted around $27.00, $26.73, then $26.45 level.

Source: TradingView- Daily Chart

Silver continues higher biased, ranging between the 50 percent & 38.2 percent retrace of Fib off the most recent cyclical peak and low, around $24.33 & $29.78, accordingly.

The creation of an upbeat, enveloping candlestick structure over $27.31 confirms the upbeat picture. Implying potential prices for silver may rise further should they remain over the point of pivot. On the other hand, a drop beneath $27.29 mark may prompt a rapid sell pattern. Highlighting the essential role of this support level in the daily trading landscape.

Daily Technical Indicators & Signals

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