Silver price (XAG/USD) price retraces its recent gains, trading around $27.90 per troy ounce during the European session on Wednesday.
Silver price faces immediate resistance around the 14-day EMA at $28.00 level. The daily chart analysis indicates a breakout above a descending triangle, suggesting a potential bullish trend reversal. The upper boundary of the descending triangle around the $27.75 level acts as immediate support. Silver price price retraces its recent gains, trading around $27.90 per troy ounce during the European session on Wednesday.
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. Which factors influence Silver prices? Silver prices can move due to a wide range of factors.
XAGUSD Technical Analysis Silver
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