Silver Prices Stall Near August Lows Amid US Economic Releases
Silver prices have been trading near their August 5 lows after experiencing some selling pressure near the $61.75 area on Wednesday, according to FXStreet.
The white metal currently trades around $61.00, down about 0.70% for the day, as traders await key economic releases including the US Personal Consumption Expenditures (PCE) Price Index and final Q2 GDP print for fresh impetus.
From a technical perspective, XAG/USD has a bearish near-term bias beneath the $62.20-$62.25 horizontal support breakpoint and the 200-period Exponential Moving Average (EMA) at $64.28 on the 4-hour chart.
The Moving Average Convergence Divergence (MACD) has turned marginally positive, hinting at tentative recovery attempts, but the Relative Strength Index (RSI) around 35 remains in weak territory.