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GOLD
Silver Price Forecast: XAG/USD targets nine-day EMA support below $72.00
Key Takeaways (30s Read)
Silver prices are currently at $72.20, aiming for nine-day EMA support below $72.00.
Silver prices (XAG/USD) are trading around $72.20 during European hours on Wednesday, having retraced from a nearly 4.5% gain in the previous session. This price action indicates a shift towards a correction phase after the recent bullish movement. Market observers are forecasting an annual gain of over 150% for silver in 2025, marking its strongest yearly performance. However, the current price is approaching the nine-day EMA support near $72.00, which raises attention to the potential price action depending on whether this support holds. A breach below this support could lead to further declines, necessitating caution among traders.
AI Analyst
AI Opinion
"Silver prices are currently entering a correction phase after a significant run-up, yet the long-term outlook remains positive with forecasts for 2025 suggesting strong growth. The key support at $72.00 is crucial in determining future price directions; a breach below this level could increase the risk of downside movements, urging traders to implement proper risk management. Overall, silver shows a long-term upward trend, and upcoming economic indicators and market volatility could impact this trajectory."
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