Silver Holds Near Record Highs
The XAG/USD chart indicates that silver prices are consolidating close to their all-time peak, currently above the $85 level.
Market sentiment remains firmly bullish, supported by growing demand for secure-haven assets amid concerns over the independence of the US Federal Reserve, escalating geopolitical risks, and broader uncertainty. Media reports highlight several key factors:
→ Authorities are reportedly pressuring the Federal Reserve to ease monetary policy, including the launch of a criminal case against its Chair. Jerome Powell has described these actions as an attempt to influence the decisions of an institution that is meant to remain independent.
→ At the identical time, traders are watching developments in Iran, where intensifying protests could raise the likelihood of US military involvement. These risks are compounded by President Trump’s remarks regarding the possible annexation of Greenland, which, following events in Venezuela, are being taken increasingly seriously by the market.
XAG/USD: Technical perspective
, the previously identified upward channel was revised, with expectations of a decline towards its lower boundary and a potential bearish break.
Prices did fall back to that support zone, but the emergence of an Inverted Head and Shoulders pattern allowed purchaviewrs to regain control and push the market higher once again.
The current sideways movement in XAG/USD suggests that the channel’s median line is acting as a balancing point between supply and demand. However, the release of today’s CPI data could upset this equilibrium. In such a case, the market may:
→ retreat towards the psychological $80 level, where the latest bullish move began;
→ advance towards the QH line, which splits the upper half of the channel into two equal sections.
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