Silver (XAGUSD) prices undergo a correction, falling below 31.00 USD

XAGUSD is trading within a downward correction after reaching an annual high near 35.00 USD. The pair is under pressure due to the strengthening of the US dollar following the US election. Discover more in our XAGUSD analysis for today, 7 November 2024.

XAGUSD forecast: key trading points

Market focus: Donald Trump wins the US presidential election
Market focus: the market awaits the US Federal Reserve’s interest rate decision today, expecting a 0.25% rate cut
Current trend: a downward movement is underway
XAGUSD forecast for 7 November 2024: 30.00 and 32.30

Silver fundamental analysis

XAGUSD prices have entered a deep correction amid the significant strengthening of the US dollar, supported by this week’s US presidential election. Donald Trump’s decisive victory has provided a boost to the US dollar.

Today, market participants are focusing on the US Federal Reserve’s monetary policy decision. The Fed is expected to lower the interest rate by 0.25%. These forecasts have already been factored into the asset’s prices, so a strong reaction is possible if an unexpected 0.50% rate cut occurs. In this case, XAGUSD would gain momentum to complete the correction and reverse upwards.

XAGUSD technical analysis

On the H4 chart, Silver prices are in a downward correction, breaching the lower boundary of an ascending price channel. The strong downward movement is driven by the strengthening of the US dollar after Trump’s victory. Prices are now approaching a psychologically important support level at 30.00 USD, which may prevent further declines.

The short-term XAGUSD price forecast suggests that prices could rise further to around 32.30 USD if bulls manage to hold above 31.00 USD and reverse the trend upwards. Conversely, if bears gain a foothold below 31.00, the decline could continue towards the nearest support level at 30.00 USD.

Summary

XAGUSD quotes are trading within a downward correction, pressured by the strengthening of the US dollar after the US election. The asset may experience increased volatility today following the US Federal Reserve’s interest rate decision.

Source: Roboforex

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