Weekly Overview
XAG/USD is currently trading at 64.78, showing a slight increase of 0.20% from the previous close of 64.65044. This week, silver faced selling pressure, reflecting broader trends in precious metals. Notably, the price action has been influenced by the recent drop in gold prices, which fell by 12%, indicating a possible correlation in market sentiment. The recent technical analysis points towards $61.02 as a crucial level where bearish extensions could either be confirmed or rejected.
Key Events This Week
Several key economic events are scheduled that could significantly impact XAG/USD:
- U.S. Non-Farm Payrolls (NFP) on Friday: Analysts expect a solid reading, which could strengthen the dollar and put pressure on silver.