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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move reflecting the sensitivity of precious metals to US monetary policy shifts, silver prices (XAG/USD) experienced a fresh downside leg, pushing the metal below the $60 per ounce level. According to reports, the metal broke a significant psychological support level for the first time in the current trend, signaling increased bearish momentum. The decline is primarily driven by rising market bets on a hawkish Federal Reserve stance, which strengthens the US dollar and pressures non-yielding assets like silver.
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Sign InThis decline comes as economic data shows resilience that may encourage the Fed to maintain higher interest rates for longer; US Retail Sales data released on June 17 showed a 0.9% increase, exceeding the 0.5% forecast per market data. In comparison, while gold prices held near key support levels, silver faced additional pressure due to its dual role as an industrial metal, which remains sensitive to high borrowing costs and manufacturing sentiment.
Looking ahead, traders are monitoring price action following the close on June 24, 2026, to determine if the break below $60 will solidify as a new resistance level. The market is now focused on upcoming catalysts, including the US Initial Jobless Claims and the Philadelphia Fed Manufacturing Index scheduled for June 18, which will provide further clarity on the economic outlook and the Fed's next moves.