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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InAmid a corrective phase in the precious metals market, Silver (XAG) prices continue to register a sequence of lower lows as technical selling pressure intensifies. According to reports, the market is currently experiencing a trend reversal or correction following a previous surge past the $60 level. Market analysts are now eyeing the $55 support level as a primary target for the ongoing downward momentum.
This decline coincides with mixed global inflation data, where South Korea's annual inflation rate reached 3.2% in July per market data, while Swiss inflation remained steady at 0.5%. Precious metals often react to US Dollar strength and monetary policy outlooks, particularly following the US Non-Farm Payrolls report which showed only 57k jobs added, significantly missing the 110k forecast (data from July 2, 2026).
Looking ahead, traders are monitoring price stability near key support zones. With recent significant economic catalysts such as the Reserve Bank of Australia's decision to hold interest rates at 4.35% on July 6, 2026, the focus remains on whether Silver can maintain its footing above the $55 mark to prevent further technical breakdown in upcoming sessions.