USDJPY
EURUSD
others
Silver Price Forecast: XAG/USD hits record highs near $66 on weak US data
Key Takeaways (30s Read)
Silver prices hit record highs near $66 amidst weak US economic data.
Silver (XAG/USD) has hit a fresh all-time high near $66 during the Asian trading session. This surge is attributed to weak U.S. employment data, retail sales, and flash S&P Global PMI data raising economic concerns. These indicators suggest underlying weakness in the U.S. economy, causing investors to shift toward safe-haven assets. Particularly, silver is experiencing increased demand both for industrial applications and as an investment, further boosting prices. Traders need to closely monitor economic data releases as they could significantly influence silver's trajectory. Technically, $66 may act as a psychological resistance and traders should observe how the price reacts in this range before formulating their strategies.
AI Analyst
AI Opinion
"The surge in silver prices to nearly $66 reflects underlying weakness in the U.S. economy, primarily driven by employment figures and retail sales that pose headwinds for the market. In such environments, demand for safe-haven assets like silver typically rises. However, the price action around this high is contingent on forthcoming market conditions, making stop-loss and take-profit settings essential. Volatility may increase around the releases of sales and PMI data, necessitating traders to stay alert. While considering the longer-term trend, there is a need to adopt a sensitive approach to the short-term dynamics when devising strategic plans."
RECOMMENDED BROKER Trusted Broker
Maximize This Opportunity.
Turn AI-detected market inefficiencies into profit with industry-leading specs. There's a reason pros choose Exness.
Raw Spreads
0.0 pips~
Leverage
Unlimited
Execution
Instant
AI Market Analysis Team
Combining advanced AI algorithms with professional trader insights. We analyze market drivers 24/7 to provide objective trading scenarios.