Silver Price Forecast: XAG/USD trades around $29.50 nearing three-week lows

Silver price edges higher due to the growing expectations of the Fed implementing a rate cut in September.
CME FedWatch Tool indicates the Fed rate cut odds by at least 25 basis points has risen to nearly 64.9%.
Any failure to secure a peace agreement between Israel and Hamas could bolster the safe-haven Silver.

Akhtar Faruqui FXStreet

Silver price rebounds from a three-week low of $29.38 recorded on Tuesday, now trading around $29.60 per troy ounce during the European session on Wednesday. This upward correction in Silver prices is likely due to increasing speculation that the Federal Reserve (Fed) will begin reducing interest rates starting from the September meeting, following a series of weak US economic data.

On Tuesday, the JOLTS US Job Openings declined by 296,000 to 8.059 million in April, down from March's 8.355 million, marking the lowest level since February 2021. This figure also missed the market consensus of 8.340 million.

As per the CME FedWatch Tool, the probability of a Fed rate cut by at least 25 basis points has increased to nearly 64.9%, up from 46.3% a week earlier. Investors await the key US data releases later on Wednesday, including the US ADP Employment Change and ISM Services PMI reports.

On Tuesday in the Middle East, Osama Hamdan, a Hamas official, stated in a televised press conference, as reported by Reuters, that Hamas cannot agree to any deal unless Israel makes a "clear" commitment to a permanent ceasefire and a full withdrawal from the Gaza Strip.

Qatar, mediating talks between Hamas and Israel, has also urged Israel to provide a clear position backed by its entire government to help reach a deal. A failure to secure a peace agreement could increase the value of safe-haven assets like Silver.

XAG/USD

Overview
Today last price	29.56
Today Daily Change	0.06
Today Daily Change %	0.20
Today daily open	29.5

Trends
Daily SMA20	30.21
Daily SMA50	28.35
Daily SMA100	25.84
Daily SMA200	24.55

Levels
Previous Daily High	30.89
Previous Daily Low	29.38
Previous Weekly High	32.3
Previous Weekly Low	30.19
Previous Monthly High	32.51
Previous Monthly Low	26.02
Daily Fibonacci 38.2%	29.96
Daily Fibonacci 61.8%	30.31
Daily Pivot Point S1	28.96
Daily Pivot Point S2	28.41
Daily Pivot Point S3	27.44
Daily Pivot Point R1	30.47
Daily Pivot Point R2	31.44
Daily Pivot Point R3	31.98

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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