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Silver (XAG/USD) trades on the back foot on Tuesday, losing more than 1.5% as hawkish Federal Reserve (Fed) expectations and elevated US Treasury yields weigh on the non-yielding metal.
Silver holds a critical Fibonacci support zone despite its bearish trend, while a weekly breakout above $62.04 could signal a reversal toward $64.11.
Silver price today holds near $59.15 after Tuesday’s selloff. US CPI could shift Federal Reserve expectations, the dollar and Treasury yields.