Silver Price Forecast: XAG/USD retreats from nearly three-year high to below $28.00

Silver price loses momentum near $27.85 on the stronger USD on Thursday.
Precious metals traders do not seem too concerned about U.S. inflation reports that came in higher than expected.
Rising industrial demand and escalating geopolitical tensions in the Middle East boost the silver price.

Lallalit Srijandorn FXStreet

Silver price (XAG/USD) trades with mild losses around $27.85 after retracing from the fresh three-year high of $28.53 during the early European session on Thursday. The lower speculation that the Federal Reserve (Fed) will cut the interest rate in June drags the gray metal lower. Investors await the US March Producer Price Index (PPI) on Thursday for fresh impetus.

Traders slashed bets on Fed interest rate cuts on Wednesday after US inflation was hotter than expectations and US President Joe Biden acknowledged that there was more work to be done to combat rising prices. The US Consumer Price Index (CPI) report in March suggested that the path of easing inflation remains extremely bumpy and the US central bank is likely to maintain the higher-for-longer rate narrative. This might limit the upside of silver as the gray metal becomes less attractive compared to interest-bearing assets. Fed Funds Futures market pushed expectations for the first rate cut from June to September, according to the CME FedWatch Tool.

On the other hand, rising industrial demand and its attraction to an alternative inflation hedge might cap the downside of silver prices. Additionally, the ongoing geopolitical tensions in the Middle East and its attraction to an alternative inflation hedge might lift silver prices in the near term as Israel and Hamas rejected ceasefire talks and Iran vowed retaliation for an airstrike on its embassy in Syria.

XAG/USD

Overview
Today last price	27.91
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	27.91

Trends
Daily SMA20	25.77
Daily SMA50	24.13
Daily SMA100	23.86
Daily SMA200	23.55

Levels
Previous Daily High	28.53
Previous Daily Low	27.54
Previous Weekly High	27.5
Previous Weekly Low	24.75
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	27.91
Daily Fibonacci 61.8%	28.15
Daily Pivot Point S1	27.46
Daily Pivot Point S2	27
Daily Pivot Point S3	26.46
Daily Pivot Point R1	28.45
Daily Pivot Point R2	28.98
Daily Pivot Point R3	29.44

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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