Silver Consolidates Amid Indian Import Surge

The price of silver (XAG) has taken a modest decline to $65.33, but remains above its short- and medium-term moving averages. According to Traders Union, this trend indicates a bullish bias for XAG in the near term.

India's increase in silver imports is cited as one reason for this shift in demand. Following the introduction of new licensing rules in May, traders and banks have adapted their practices, leading to an uptick in shipments into one of the world's largest consumer markets.

The technical indicators point to a consolidation period for XAG over the next 2-3 days, with prices expected to range between $64.88 and $66.32. Volatility remains subdued relative to current levels.