FX.co ★ XAG/USD, SILVER

After the data was released, silver (XAG) somewhat improved but is still under pressure. The slowdown in orders for durable products is a sign of a weak real economy, which may have an impact on the industrial demand for silver. Gold and silver are also significantly impacted by the drop in oil prices. Following the U.S.-Iran agreement that reduced concerns over the Strait of Hormuz, the decline in oil prices may help reduce inflation pressures. Gold and silver may rise from their current levels when the US dollar corrects from 101.74. However, both metals may see fresh selling pressure close to resistance as long as interest rate increases are anticipated. The significance of the present support level at $55 is demonstrated by the spot silver daily chart. The price recovered from the $55 area, which is the key support zone's lower border. The silver price will probably move toward the significant accumulation zone between $45 and $55 if it breaks below $55. For long-term investors, this area is regarded as an accumulation zone. As a result, if the price of silver continues to decline, new purchasers will probably be drawn to the $45 to $55 range. Additionally, the spot silver 4-hour chart demonstrates that the decline occurs following failure at the $72 region. However, prices are currently getting close to the target region, which could lead to a recovery. The long-term support range is still between $50 and $60. Despite a recovery from the current support levels, gold and silver are still under pressure in the near future. Silver has support at $55, and gold has support at $3,950. In the medium term, a break below these levels will drive the metals much lower. The Federal Reserve continues to have cause to halt and limit the potential rise in metals due to the sticky core PCE inflation. For a significant rally to occur, gold must break over $4,350 and silver must break above $72.