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Silver prices (XAG/USD) extended gains for the second consecutive day, trading near $68.60 during European hours. Despite this, the near-term outlook remains bearish as the price stays below the 9-day and 50-day Exponential Moving Averages (EMAs), key technical indicators of momentum. Traders are monitoring whether the $68.50 level can act as a reliable support to reverse the downward trend.
The bearish bias persists due to the failure to break above critical EMAs, which often signal trend strength. Silver’s performance is influenced by macroeconomic factors like inflation expectations and industrial demand, making it sensitive to shifts in global economic sentiment. A breakdown below $68.50 could trigger further declines, while a sustained move above EMAs might attract buyers.
For Gulf investors, the current consolidation phase offers an opportunity to assess entry points or tighten stop-loss levels. Key levels to watch include the 50-day EMA at $67.80 and the psychological $70.00 mark. Broader market risks, such as the Fed’s monetary policy, could also impact silver’s trajectory in the coming weeks.
