Silver's upward momentum is showing signs of stalling as the US Dollar and US bond yields recover ahead of the release of the FOMC meeting minutes. Market caution has prompted a temporary outflow of capital from precious metals, exerting downward pressure on XAGUSD in the short term.
On the H2 chart, the price has lost its previous strong bullish momentum and is gradually pulling back toward the rising trendline, which acts as dynamic support. The chart indicates that the area around 59.85 will serve as a critical test level. However, before reaching this zone, the price may undergo a technical rebound to around 63.15 to absorb liquidity before selling pressure resumes. The formation of successive lower highs beyond the 63.00 level suggests that buying momentum is waning, while selling pressure is gradually gaining the upper hand.
Sell: 63.15
TP: 59.85
SL: Above 63.70
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