Silver prices tumbled toward a critical confluence technical level on Wednesday, after bulls failed to sustain the grey’s metal quote above the $30.00 a troy ounce level.
Silver's uptrend tested as it nears key support at 50 and 100-DMAs between $29.17 and $29.13. RSI neutral, indicating potential for more downside if direction doesn't solidify. Below $29.00, silver may target the August 12 high of $28.03, with support at the August 14 low of $27.18. Upside move reclaiming $30.00 could push towards June 21 high at $30.84 and July 11 peak at $31.75. Therefore, the XAG/USD finished yesterday’s session with losses of 2.
Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. 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.
XAGUSD Technical Analysis Silver
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 Forecast: XAG/USD eases around $29.50 ahead of Jackson Hole SymposiumSilver price (XAG/USD) price edges lower to near $29.50 per troy ounce during the European hours on Thursday.
Read more »
Silver Price Forecast: XAG/USD hovers near $29.50 due to caution ahead of Fed MinutesSilver price (XAG/USD) price consolidates around $29.50 per troy ounce during the European hours as traders assess the upcoming release of the FOMC Minutes on Wednesday.
Read more »
Silver Price Forecast: XAG/USD rises to near $29.00 ahead of US NFPSilver price (XAG/USD) appreciates to near $29.00 per troy ounce during the early European hours on Friday.
Read more »
Silver Price Forecast: XAG/USD consolidates below $30.00Silver's price consolidated for the second straight day, within the $29.70-$30.10 area on Tuesday, yet printed gains of 0.24%.
Read more »
Silver Price Forecast: XAG/USD holds ground below $30.00 with a positive sentimentSilver price (XAG/USD) hovers around $29.90 per troy ounce during the Asian session on Monday.
Read more »
Silver Price Forecast: XAG/USD depreciates toward $29.50 despite a dovish FedSilver (XAG/USD) price edges lower to near $29.70 per troy ounce during the Asian session on Monday.
Read more »