Silver Price Soars as XAG/USD Breaks Above $63.30

Futures markets have reduced the odds for a September rate hike to 44% from 67%, causing the US Dollar to tumble, which in turn has affected the price of Silver. The XAG/USD has broken above the $63.30 area and confirmed a bullish Head & Shoulders pattern, with momentum indicators supporting the bullish view.

The measured target of the H&S pattern is at the June 22 high at $67.17, while the 200-day SMA meets the mid-June high in the mid-$77s. A bearish reaction below the mentioned $63.30 would expose August 6 and 7 lows around $61.00 ahead of the August 5 low at $59.40.