Silver (XAG/USD) trades with a mild positive bias for the third straight day on Wednesday, albeit lacks bullish conviction and is currently placed around the $28.45 region, just below the weekly high touched during the Asian session.
Silver attracts buyers for the third straight day and touches a fresh weekly top on Wednesday. The lack of any follow-through buying and mixed technical oscillators warrant caution for bulls. A sustained strength beyond the $29.00 mark is needed to support prospects for further gains. Silver trades with a mild positive bias for the third straight day on Wednesday, albeit lacks bullish conviction and is currently placed around the $28.
It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. 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.
Commodities Technical Analysis XAGUSD Silver
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