Silver prices plunged 26% after Fed chairman nomination triggered a selloff
Silver plunged more than 26% in 24 hours after recently reaching an all-time high, as traders took profits and reassessed strategies following news that Donald Trump nominated Kevin Warsh as the next Federal Reserve Chair.
Markets sold off sharply on Friday after U.S. President Donald Trump put forward Kevin Warsh for the Fed Chair position. The nomination was viewed as relatively hawkish compared to other candidates, as Warsh is known to support a strong U.S. dollar.
Gold reacted to Trump’s decision by falling nearly 10% to $4,845 at the time of writing. Silver, being a more volatile asset, faced even heavier selling pressure, plunging around 26% to approximately $84 per ounce.
Bulls lose ground
The sharp decline in XAG was driven by psychological factors such as panic selling, amplified by forced liquidations and profit-taking after the recent surge.
“Today’s drop is largely a technical correction following silver’s parabolic rise. The short-term downside should remain limited if key support holds. If macroeconomic conditions stabilize, reversal rallies may follow,” said analyst Anton Kharitonov.
Silver has not yet closed the daily session, but if XAG holds above $82, it would signal that selling pressure is fading and could open the way for a rebound toward $85–88. A daily close below $82, however, would increase the risk of further declines toward $80 and $78.
Silver Hourly Chart. Source: TradingView
As long as prices remain below $88–89, the move is considered a technical correction, while the $92.0–93.0 zone would mark a return to a bullish trend.
As we wrote, Gold and silver prices are entering a dangerous phase after a sharp rise
Latest XAG/USD News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
