Silver prices are on the rise, supported by technical indicators that suggest further upward movement. The recent upward trend, coupled with positive oscillator momentum, indicates a bullish outlook for the near term.
Silver reversed an earlier decline during the Asian session, marking a positive shift for the second consecutive day. Technical indicators suggest a bullish outlook and anticipate further price appreciation. Any significant dips could present a buying opportunity near the \$30.00 level. Silver ( XAG/USD ) experienced some buying interest around the \$30.
20 area during Tuesday's Asian session, building on the overnight rebound from the vicinity of the 100-period Exponential Moving Average (EMA) on the 4-hour chart. However, after touching a two-day high, the white metal eased and currently trades around \$30.60-\$30.55, representing a 0.25% gain for the day. Examining the broader market trend, the recent upward movement over the past four weeks, originating from the \$28.75-\$28.70 range, a multi-month low recorded in December, has followed an ascending channel pattern. Concurrently, oscillators on the daily chart are just beginning to display positive momentum, favoring XAG/USD bulls and supporting the prospect of further near-term appreciation towards the \$31.00 mark. A subsequent upward movement is likely to encounter resistance near the upper boundary of this channel, currently positioned around \$31.25. A sustained breakout above this level could propel XAG/USD towards \$32.00, with a potential intermediate hurdle near \$31.45-\$31.50. The momentum could potentially extend further towards the December swing high, situated around \$32.25-\$32.30. On the downside, the \$30.00 psychological mark, coinciding with the 100-period EMA on the 4-hour chart and the lower end of the ascending channel, may continue to act as immediate support. A convincing break below this level could shift the market bias in favor of bearish traders, making XAG/USD vulnerable to accelerating the decline towards the \$29.50 region, potentially reaching \$29.00 and the \$28.75-\$28.70 area, or the multi-month low.
SILVER XAG/USD TECHNICAL ANALYSIS BULLISH OUTLOOK PRICE APPRECIATION SUPPORT RESISTANCE TRADING INVESTING COMMODITIES
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 Prices Decline on Friday, Gold/Silver Ratio RisesSilver prices (XAG/USD) fell on Friday, according to FXStreet data. The precious metal traded at $30.54 per troy ounce, marking a 0.87% decrease from Thursday's price of $30.80. Despite the recent dip, silver prices have witnessed a 5.68% increase since the beginning of the year. The Gold/Silver ratio, an indicator reflecting the number of silver ounces required to equal the value of one gold ounce, reached 88.74 on Friday, a slight uptick from Thursday's 88.17.
Read more »
Silver Prices Rise Amidst Gold Price FluctuationsSilver prices saw an upward trend on Tuesday, surpassing its Monday price and marking a positive start to the year. The Gold/Silver ratio also experienced a slight decrease. The text explores factors influencing silver prices, including its role as a safe-haven asset, industrial demand, and its relationship with gold prices.
Read more »
Silver Prices Rise Ahead of Christmas, but Future Outlook MurkyDespite a recent price increase, silver's future performance is uncertain due to potential tariffs and the Federal Reserve's rate cut projections.
Read more »
Silver Prices Rise on Trump Uncertainty and Safe Haven DemandSilver prices are up as traders await the impact of the Trump administration and seek safe haven assets amid geopolitical tensions.
Read more »
Silver Prices Rise on ThursdaySilver prices saw an increase on Thursday, reaching $29.33 per troy ounce, a 1.45% rise from the previous day. This upward trend reflects a 1.52% increase since the beginning of the year.
Read more »
Silver Prices Rise on FridaySilver prices increased on Friday, driven by various factors including investment demand and industrial usage. The Gold/Silver ratio also declined.
Read more »