Silver Price Holds Steady Under Pressure from Oil Prices and Rate Hike Expectations
The price of silver (XAG) has been steadily trading at $63.62, showing a modest daily gain but remaining below its key moving averages.
Rising oil prices and expectations of a US Federal Reserve rate hike have increased inflation risks, driving selling pressure in the silver market.
The current technical weakness is reinforced by oscillators signaling oversold momentum, with MACD, RSI, Stoch RSI, CCI, and Bull/Bear Power all indicating sellers are still in control.