Silver Price Below $60, Death Cross Threatens as XAG Heads for 22.5% Monthly Loss
Silver (XAG) trades below $60 per troy ounce, down over 1.50% on the day, heading for a 22.5% loss in June. A looming death cross and headwinds from rising US Treasury yields, a strong US dollar, and absent geopolitical risk premium weigh on the metal.
Silver prices remain under pressure, sliding below $60.00 per troy ounce and losing more than 1.50% in the session. The white metal is on pace to end June with a loss exceeding 22.50%, marking one of its worst monthly performances.
The bearish outlook is reinforced by a potential death cross formation — when the 50-day moving average crosses below the 200-day moving average — which often signals further downside. Additionally, rising US Treasury yields and a robust US Dollar continue to undermine non-yielding assets like silver. The lack of a geopolitical risk premium further removes support that might otherwise cushion the decline.
Traders remain cautious as silver struggles to find a floor amid these macro headwinds. Key levels to watch include the psychological $60 mark and any signs of stabilization in the broader commodity complex.
Source: FXStreet Forex News