Silver price extended its losses yet bounced off daily lows beneath $29.00 and trade with minimal gains of 0.05% as Tuesday’s Asian session begins.
Silver trades with minimal gains of 0.05%, consolidating above the $29.00 mark. Downward momentum is flattening, suggesting potential range-bound trading in the near term. Key levels: Support at $28.57 and resistance at $30.17 before targeting $31.00. At the time of writing, the grey metal trades at $29.11, set to remain consolidated at around current levels. XAG/USD Price Analysis: Technical outlook Silver remains bullish-biased but is set to remain consolidated above the $29.00 figure.
Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars . A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up.
XAGUSD Metals Technical Analysis Silver
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