Silver (XAG/USD) continues its three-day advance in Wednesday’s Asian session, rising toward $52.00 as US Treasury yields remain under pressure. The 10-year yield is steady near 4.00% at the time of writing but has fallen around 3.4% over the past week, reinforcing support for non-yielding assets such as Silver.
Fed rate-cut bets rise sharply
Lower yields track growing expectations of a Federal Reserve rate cut in December. According to the CME FedWatch tool, markets now price an 85.3% chance of a 25 bps cut to 3.50%–3.75%, sharply higher than the 50.1% probability seen a week earlier. Dovish remarks from New York Fed President John Williams last Friday—suggesting room for further policy adjustment—added momentum to the repricing.
Political headlines add to dovish expectations
Bloomberg reports that White House economic adviser Kevin Hassett has emerged as a frontrunner to replace Fed Chair Jerome Powell. With another Trump-aligned candidate, Governor Stephen Miran, already under consideration for the Federal Open Market Committee, markets see a greater chance of a more expansionary policy tilt ahead.
Silver technical analysis
XAG/USD trades near $51.94 on the daily chart, holding comfortably above the rising 20-day exponential moving average (EMA) at $50.40. The EMA’s upward slope supports the bullish structure. RSI sits near 59.15, reflecting positive momentum without overbought conditions.
A sustained hold above the 20-day EMA keeps upside bias intact. Should RSI slip toward 50, momentum may cool, opening the door for consolidation, though pullbacks are likely to stabilize near the EMA. Key support sits at the September 23 high of $44.47. On the upside, the all-time high at $54.50 is the major barrier to watch.
