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Silver Price Forecast: XAG/USD tumbles to near $93.50 on profit-taking after record high
Key Takeaways (30s Read)
Silver (XAG/USD) tumbles to around $93.50 due to profit-taking after hitting a record high.
Silver (XAG/USD) is experiencing a decline to around $93.60 during Asian trading hours as profit-taking follows its previous record high. This movement reflects investors securing profits temporarily, but strong safe-haven demand may limit further losses for silver. The market appears to be undergoing a technical adjustment after breaking past significant resistance levels. While there is noticeable selling pressure in the short term, silver's intrinsic value as a safe asset suggests a potential recovery in longer periods, keeping traders alert for future market developments.
AI Analyst
AI Opinion
"The recent decline in silver prices is attributed to profit-taking after hitting record highs, yet the underlying market sentiment remains bullish. Some investors might adopt a wait-and-see approach in the short term due to the volatility. However, the fundamentals supporting silver, particularly as an inflation hedge and the intrinsic demand for precious metals, suggest a steadier upward trend in the future. The broader market's risk-on sentiment will significantly depend on forthcoming economic indicators or central bank actions."
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