FX.co ★ GokBoruHunter | XAU/USD, GOLD

Silver (XAG/USD) Daily Outlook Update Silver (XAG/USD) falls after slight gains the previous day, trading around $52.84 per troy ounce in Tuesday's European trading session. Non-interest-bearing Silver is hovering at 11-month lows of $53.01, reached on Monday, amid higher energy costs that keep inflation concerns and the prospect of further monetary policy tightening. But downward pressure on the white metal may ease as crude oil prices fall and bargain hunting ahead of the upcoming US central bank (Fed) decision. Crude oil prices have fallen after diplomatic efforts aimed at easing tensions between the US and Iran, reducing fears of rising inflation. After high-level talks in Tehran, Iran, Saudi Arabia, Pakistan, and Turkey decided to continue their security talks and regional cooperation, IRIB reports. The statement that was issued after the first talks between Iran and representatives from the Mecca Joint Defence Agreement pointed out that all four nations had agreed to keep their talks and consultations geared towards regional peace and security. On central banks, financial markets expect the Federal Reserve to keep interest rates unchanged at its next October meeting and then possibly raise them in December. According to the CME FedWatch Tool, the market currently prices in an 89.5% probability of a rate pause in October and an 82.3% probability of a rate hike in December. Meanwhile, the ECB and BoJ plan to keep their key interest rates unchanged, while the BoC will raise rates by 25 basis points this week. Based on the chart above, XAG/USD stands at $53.80, showing a bearish short-term bias as price stays below the nine-day and 50-day EMAs, with the Moving Average Exponential indicating that rallies will find resistance at these overhead levels. In addition, the RSI stands at 31.06, just above oversold levels, implying downside pressure, though not yet reversed. Furthermore, the FXS Fed Sentiment Index is stabilizing near 127.51 amid tight monetary conditions. The topside faces resistance at the nine-day EMA at $55.74, while a more significant level is the 50-day EMA near $60.74, and a breakout would be required to ease the current bearish mood. The technical setup in the table above shows no support levels immediately below the current price of $52.84.