Silver hovered around $32.20 per ounce during Tuesday’s Asian session, easing for a third consecutive day as safe-haven demand faded. The hopes for a Russia-Ukraine ceasefire, announced by U.S. President Trump after a call with President Putin, tempered market uncertainty and weighed on silver’s appeal.
However, losses were limited following Moody’s downgrade of the U.S. credit rating and a series of weak economic data, including CPI, PPI, and retail sales. These reinforced expectations for two Fed rate cuts this year, likely starting in September, according to the CME FedWatch Tool projections.
Strong industrial demand, especially from the solar sector, continues to support silver’s longer-term outlook. Markets now look for upcoming Fed speeches for further direction.
XAG/USD faces resistance at $32.50, with higher levels at $33.80 and $34.20. Support is seen at $31.40, followed by $30.20 and $29.80.
However, losses were limited following Moody’s downgrade of the U.S. credit rating and a series of weak economic data, including CPI, PPI, and retail sales. These reinforced expectations for two Fed rate cuts this year, likely starting in September, according to the CME FedWatch Tool projections.
Strong industrial demand, especially from the solar sector, continues to support silver’s longer-term outlook. Markets now look for upcoming Fed speeches for further direction.
XAG/USD faces resistance at $32.50, with higher levels at $33.80 and $34.20. Support is seen at $31.40, followed by $30.20 and $29.80.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.