Silver prices continue to rise, defying concerns over US inflation and Federal Reserve scrutiny. The metal faces technical resistance but shows strong support levels.
Silver climbed 0.80% to $30.35, outpacing concerns over US inflation and scrutiny from the Fed eral Reserve. The precious metal encountered technical resistance at the 50-day Simple Moving Average (SMA) of $30.42. Breaching this level could propel silver towards $30.80. However, downside risks exist if silver drops below $30.00, with key support found at the 200-day SMA near $28.78.Silver's seven-day winning streak defies the upward trend in US Treasury bond yields and the US Dollar.
A robust US jobs report alleviated Federal Reserve officials' concerns regarding the US employment situation. Despite this, inflation developments seem to be stalled, attracting some attention from Fed officials. The XAG/USD is currently trading at $30.35, up over 0.80%.Technical Outlook: Silver continues its upward trajectory, steadily surpassing the $30.00 mark for the past three trading days. This surge is fueled by buyers emerging at crucial support levels found at the 200-day SMA at $29.93. However, they face resistance at the 50-day SMA at $30.42, preventing prices from reaching the 100-day SMA at $30.80. If bulls overcome these hurdles, they could challenge $31.00 and potentially reach the next cycle high of $32.32, observed in December's peak.Conversely, if the XAG/USD slides below $30.00, the 200-day SMA acts as the first line of defense for buyers. A breach of this level could drive silver's price towards the January 6 low of $29.41, followed by the December 31 low of $28.78
SILVER INFLATION FED COMMODITIES PRICES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Outlook: Bearish Bias Remains Despite Short-Term SupportSilver (XAG/USD) trades near its 100-day Simple Moving Average (SMA) support, indicating a potential downward trajectory. Technical indicators suggest a bearish outlook, but a sustained break below $30.00 is needed for further losses.
Read more »
Defiance Silver Extends San Acacio Silver Project Option AgreementDefiance Silver Corp. has extended the option agreement for the San Acacio Silver Project in Zacatecas, Mexico. The payment deadline has been moved to March 31, 2025.
Read more »
JV Video: Honey Badger Silver builds case as high-leverage silver playNo 1 source of global mining news and opinion
Read more »
Silver Price Climbs Amid Geopolitical Tensions and Biden-Iran Nuclear TalksSilver price surges to near $29.80 as investors seek safe-haven assets due to heightened geopolitical tensions surrounding potential US strikes on Iran's nuclear facilities.
Read more »
Silver Hulk: Galactus Turns Bruce Banner into the New Silver SurferThe Silver Hulk, a powerful new iteration of the Marvel hero, debuts in the comic What If...? Galactus Transformed Hulk 1. This Hulk is imbued with the Power Cosmic by Galactus and serves as his herald, tasked with leading Galactus to planets for consumption. While initially reluctant, Bruce Banner uses his cosmic powers to save innocent lives, but the experience takes a toll on him.
Read more »
Aya Gold & Silver Reports High-Grade Silver Drill Results from Zgounder MineAya Gold & Silver Inc. announces new high-grade silver drill results from its exploration program at the Zgounder Silver Mine in Morocco. The results confirm the continuity of silver mineralization and highlight the potential for resource expansion both within and near the open-pit area.
Read more »