The post XAG/USD recovers slightly yet remains below $30.50 appeared on BitcoinEthereumNews.com.

Silver prices edge up 0.30%, trading at $30.35 after a sharp 3% decline. Technical outlook remains bullish, supported by the 50-DMA at $30.16 and RSI above the 50-neutral line. Key resistance at $30.50 and $31.00; support levels at 50-DMA and $29.48, with a critical psychological barrier at $29.00. Silver’s price edged up early in the North American session but remained below the psychological figure of $30.50 after posting losses of more than 3% on Wednesday. Rising US Treasury yields and a stronger US Dollar weighed on the precious metal, which trades at $30.35 and registers gains of 0.30%. XAG/USD Price Analysis: Technical outlook The grey metal remains bullish-biased, capped on the downside by the 50-day moving average (DMA) at $30.16. The Relative Strength Index (RSI) clings above the 50-neutral line, depicting that momentum favors buyers; hence, further upside is seen. For a bullish continuation, the XAG/USD must climb above $30.50 so buyers can test the $31.00 mark. On further strength, Silver’s next resistance would be the July 17 peak at $31.42, before testing July 12 high at $31.75. If the grey metal weakens further, the XAG/USD first support would be the 50-DMA before testing the July 3 daily low of $29.48. A breach of the latter will expose the $29.00 psychological figure. XAG/USD Price Action – Daily Chart Silver FAQs Silver is a precious metal highly traded among investors. 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. Silver prices…

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Filed under: News - @ July 18, 2024 7:16 pm