Silver Price Forecasts: XAG/USD drifts toward $60 as precious metals struggle - Mitrade

AI desk brief

Silver (XAG/USD) is under pressure near $60.13 after rejection from the $62.00-$62.25 area, with the technical setup still bearish and $60.00 the key near-term support. A break below that level would expose the late July/early August lows around $56.50, while bulls need a reclaim above $62.15-$62.25 to relieve downside pressure and refocus on $65.00.

The move is being driven by a firmer US dollar, rising oil prices, and higher long-end Treasury yields ahead of the FOMC Minutes and a 10-year auction. The 30-year yield has pushed above 5.70% and the 10-year has rebounded above 5.30%, reinforcing the headwind for non-yielding metals despite some easing in recent US inflation and labor data.