Silver prices traded within the 80 cents trading range, yet they lost close to 0.20% on Monday, as traders braced for a busy US economic schedule that would include crucial events such as the Federal Reserve’s monetary policy decision and the latest Nonfarm Payrolls report.
Silver prices tumble below 100-DMA at $28.49, trading at $27.86. Bearish RSI suggests further declines, with first support at $27.31 and psychological level at $27.00. Resistance seen at $29.00, with potential for higher prices if buyers regain control. The XAG/USD exchanged hands at $27.86, below its opening price. XAG/USD Price Analysis: Technical outlook Silver 's price tumbled below the 100-day moving average at $28.49, opening the door for lower spot prices.
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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