Silver Price Surges Past $58 as US Dollar Weakens Amid Middle East Tensions
The Silver price has recovered to above $58.00 as the US Dollar weakens. The Federal Reserve is expected to keep interest rates steady, although futures markets show a one-in-three chance of a quarter-point rate hike.
This decision could hint at monetary tightening and provide some support for the US Dollar, but so far it has not affected Silver's price. Investors have taken the recent deterioration in the Middle East situation in stride, with no significant impact on the metal's value.
The XAG/USD is currently trading at $58.03, within its last two weeks' range. The Relative Strength Index (14) suggests a stabilising bias, while the Moving Average Convergence Divergence (MACD) shows below-zero momentum, indicating an unconvincing upside traction.
The top of the triangle pattern, around $59.28, and the $60.60 area, which previously capped bulls on July 9, 10, and 22, are expected to test bullish attempts. If these levels break, the measured target is a support-turned-resistance area ahead of $63.00.
On the downside, immediate support is seen at the confluence of the triangle bottom and Tuesday's low in the $57.00 area, with further down at the year-to-date low of $54.77 and the October 2025 high near $57.40.