XAG/USD dey slide go $70.50 as Fed hawkishness boost DXY
XAG/USD don sell off sharply, e don fall near $70.50 after e fail to hold pass $72.80 resistance and e break under 50-day SMA. RSI dey around 38, dey show bearish momentum but e never too oversold. Trading volume rise during the decline, confirm say sell interest strong.
Key levels for XAG/USD traders: $70.00 na the psychological pivot, while $68.40 (near 100-day moving average) na the next major support. The earlier breakdown don also invalidate the bullish chart structure wey dey earlier this year, as prior supports around $71.20 fold.
Macro drivers still be the core catalyst. If Fed more hawkish e dey lift DXY and push Treasury yields higher, e go reduce demand for non-yielding assets like silver and increase opportunity cost to hold XAG/USD. Softer manufacturing and growth worries add more pressure.
Positioning: CFTC data wey report mention show money managers don cut net-long silver futures for three straight weeks, e dey align with the downtrend.
Near-term view: Price action dey suggest say “the path of least resistance” na down. Traders fit look for test of $68.40 support. For more sustainable rebound, Fed must pivot dovish and/or renewed risk-off/safe-haven demand needed.
Bearish
Both articles dey point to the same driver: XAG/USD momentum don turn bearish after one clear technical breakdown. Price wey drop pass $72.80 plus the 50-day SMA confirm say regime don change, and rising volume dey show say na "real selling"—no be small correction. Even though RSI never reach deep oversold yet, so small tactical bounce fit happen, the next decision level na $68.40—if e fail there, downside go likely extend.
On the macro side, the later article add/clarify how e dey transmit: hawkish Fed signals dey push DXY and Treasury yields up, which dey raise the opportunity cost of holding non-yielding precious metals and dey pressure silver price through demand expectations (including how industry go react if manufacturing weaken). CFTC positioning (cut net-long three weeks straight) reinforce say traders no ready to fight the trend yet.
For crypto market trading, this mainly na sentiment and risk-flow input: persistent risk-off tone or stronger dollar/real-yield environment fit weigh down overall risk appetite. But the direct tradeable impact here na on XAG/USD, so near-term bias for silver-linked sentiment remain bearish until support around $68.40 steady and macro conditions improve.