Silver (XAGUSD) prices decline, falling below the 30.00 USD level

The XAGUSD pair entered a downward correction, trading below the psychologically significant 30.00 USD level. Discover more in our Silver price analysis for today, 28 November 2024.

XAGUSD forecast: key trading points

• Market focus: the US markets are closed as the country celebrates Thanksgiving Day
• Current trend: moving downwards
• XAGUSD forecast for 28 November 2024: 31.00 and 29.00

Silver fundamental analysis

XAGUSD prices have entered a correction again amid uncertainty about the further pace of the US Federal Reserve’s interest cuts. Yesterday’s US GDP data showed a 2.8% growth in Q3, in line with preliminary forecasts.

The US markets are closed today and tomorrow due to the Thanksgiving holiday. There will likely be little market movement during these days, and the asset is expected to continue trading within a minor downward correction until the beginning of next week.

XAGUSD technical analysis

The Silver H4 price chart shows a moderate downward movement, with prices falling below the psychologically significant 30.00 USD level today. If XAGUSD settles below this level, it will signal a continuation of the downward correction.

The short-term Silver price forecast suggests that prices could rise to around 31.00 USD if bulls push the quotes above 30.00 USD and reverse the trend upwards. Conversely, if bears gain a foothold below 30.00 USD, the decline could continue towards 29.00 USD.

Summary

XAGUSD prices entered a downward correction, dropping below the psychologically significant 30.00 USD level due to uncertainty about the further pace of US Federal Reserve interest rate cuts.