Silver (XAG/USD) has slipped back toward $62.00 in Thursday’s Asian session after setting a fresh all-time high at $62.87 earlier in the day. The rally faces temporary resistance, but the broader outlook stays constructive as the Federal Reserve keeps the door open for further monetary easing following Wednesday’s 25 bps rate cut, which brought the policy range down to 3.50% – 3.75%.
In its statement, the Fed reiterated that the extent and timing of additional policy adjustments will depend on incoming data. Markets had speculated that the central bank would signal an end to its cutting cycle, given inflation remains well above the 2% target. However, Chair Jerome Powell pushed back on this notion, stressing that the bar for further rate reductions is “very high.” The Fed’s updated dot plot projects the funds rate at 3.4% by the end of 2026, implying just one additional cut next year. Lower interest rates generally support non-yielding assets such as silver.
Meanwhile, the USD is attempting a mild recovery after sliding sharply in reaction to the Fed decision. The US Dollar Index is edging up toward 98.70 after touching a seven-week low near 98.50 at the open.
Silver technical analysis
Silver is trading near $62.00 in early Asian hours, maintaining a strong bullish structure. The 20-day Exponential Moving Average has risen to $56.24, reflecting a steepening uptrend with price holding well above dynamic support. Momentum remains robust, with the 14-day Relative Strength Index hovering at an elevated 76.52—near overbought territory but still consistent with a strong trend.
The bias remains firmly bullish as long as the 20-day EMA continues to guide pullbacks higher. Elevated RSI readings may spark short-term consolidation, but sustained price action above the record high of $62.87 would reinforce topside pressure and open the path toward the $65.00 zone. Dips that hold above the rising average are likely to keep the broader uptrend intact.
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