XAGUSDT analysis shows a bullish trend, mirroring XAU/USD's movement, which has broken through the $2,700 psychological level and reached a new all-time high.
This surge is driven by the increased prospects of global easing, with central banks accelerating their monetary easing cycles by cutting interest rates. The European Central Bank's recent decision to lower its deposit rate by 25 basis points is a significant turning point in this trend.
Key Levels to Watch:
- Primary Support: $2,700 (key level)
- Primary Resistance: $2,750 (significant round number)
- Secondary Support: $2,685 (September high)
The Relative Strength Index (RSI) is currently overbought, advising long-holders not to add to their positions due to the increased risk of a pullback. However, silver's strong overall uptrend suggests that any corrections are likely to be short-lived, and the bull trend will resume.
Fundamental Drivers:
- Central banks' easing cycles: The European Central Bank, Bank of England, and Bank of Canada are expected to cut interest rates, making silver more attractive.
- US data: Strong US retail sales and initial jobless claims data may limit the upside for silver.
- Global economic uncertainty: Silver is known to be a safe-haven asset, expected to increase its value in times of volatility and economic uncertainty.
Keep in mind that cryptocurrency and commodity markets are highly volatile, and analysis is subject to change. Always do your own research and consider multiple sources before making investment decisions.
